The commissioner may revoke or suspend the license of a premium finance company when and if after investigation it appears to the commissioner that:
(1) a license issued to the company was obtained by fraud;
(2) there was misrepresentation in the application for the license;
(3) the holder of the license has otherwise been shown untrustworthy or incompetent to act as a premium finance company; or
(4) the company has violated any provisions of this chapter.