(a) Subject to subsection (c) of this section, the Commissioner shall deny a registration to an appointee or revoke the registration of a registered representative if the Commissioner, for cause and after a hearing, determines that the appointee or representative:

(1) has made a false or misleading statement about the services offered by, or the business of, the licensee represented by the appointee or representative;

(2) has been convicted of a crime involving moral turpitude; or

(3) is otherwise unsuitable to act as a representative.

(b) If the Commissioner denies or revokes a registration under this section, the Commissioner shall notify the licensee and the representative or appointee of the denial or revocation in writing.

(c) The Commissioner need not deny or revoke a registration under this section if the Commissioner concludes, based on all the facts and circumstances, that the public interest would not be served by the denial or revocation.