1. After giving written notice of charges to the seller, not less than 30 days in advance of a hearing, the Commissioner may, after the hearing, revoke the seller’s certificate of authority if the seller:
(a) Obtained the certificate of authority through misrepresentation or concealment of a material fact;
(b) Is no longer qualified for such a certificate of authority; or
(c) Knowingly violates any provision of NRS 689.150 to 689.375, inclusive, or any lawful order or regulation of the Commissioner.
2. If a seller is found to be in violation of paragraph (c) of subsection 1, the Commissioner may, in lieu of revocation, suspend the seller’s certificate of authority for a period not to exceed 90 days.