The commissioner may prohibit, deny renewal of, suspend, or revoke a contract between an open-enrollment charter school and a management company providing management services to the school if the commissioner determines that the management company has:
(1) failed to provide educational or related services in compliance with the company's contractual or other legal obligation to any open-enrollment charter school in this state or to any other similar school in another state;
(2) failed to protect the health, safety, or welfare of the students enrolled at an open-enrollment charter school served by the company;
(3) violated this subchapter or a rule adopted under this subchapter; or
(4) otherwise failed to comply with any contractual or other legal obligation to provide services to the school.