(1) The commissioner may revoke or suspend the license of any premium finance company when after investigation the commissioner finds that: The license was obtained by material misrepresentation or fraud;
(2) The holder of the license has shown himself untrustworthy or incompetent to act as a premium finance company; or
(3) The licensee has violated any of the provisions of this chapter.
(4) Before the commissioner shall revoke, suspend or refuse to renew the license of any premium finance company, the person aggrieved shall be entitled to a hearing in accordance with the Mississippi Administrative Procedures Law.