The executive director may deny the application for a certificate of registration and may suspend or revoke the registration of any ophthalmic dispenser issued pursuant to this chapter or refuse to issue a renewal thereof if it is determined after hearing that such applicant or registrant:
I. Has made a material false statement or concealed a material fact in connection with his application for certificate of registration;
II. Has had a certificate of registration issued under this chapter revoked or suspended previously;
III. Has been found guilty of fraud or fraudulent practices after prosecution by the attorney general, or has used dishonest or misleading advertising;
IV. Has failed to follow the orders on the prescription of an ophthalmologist or optometrist;
V. Has failed to comply with any other provision of this chapter or any rules promulgated by the executive director.