Subject to the notice and opportunity for hearing provisions of 31-1-203, initial licensure or license renewal may be denied by the department on the following grounds:
(1) material misstatement of fact or material omission of fact in the application for license or renewal;
(2) a civil judgment against the applicant for defrauding a retail buyer in relation to financing terms of a retail installment contract; or
(3) having had a sales finance company license or other financial services license revoked by a regulatory agency in any jurisdiction.