The board may revoke a certificate of authority to grant degrees at any time if it finds that:
(1) any statement contained in an application for a certificate is untrue;
(2) the institution has failed to maintain the faculty, facilities, equipment, and programs of study on the basis of which the certificate was issued;
(3) advertising utilized on behalf of the institution is deceptive or misleading; or
(4) the institution has violated any rule or regulation promulgated by the board under the authority of this subchapter.