A. If, after A hearing or notice and opportunity for A hearing as provided by article 11 of this chapter, the commission finds grounds to deny, revoke or suspend the registration of a dealer or salesman, the director shall enter an order in the register of dealers and salesmen denying, revoking or suspending the registration of the dealer or salesman. The order shall state specifically the grounds for its issuance.

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B. A copy of the order shall be sent by certified mail to the dealer or salesman whose registration is denied, revoked or suspended and, if the denial, revocation or suspension of the registration is of a salesman, to the registered dealer who employs the salesman.

C. Denial, suspension or revocation of the registration of a dealer shall also suspend or revoke the registration of all of the dealer’s salesmen, but suspension or revocation of the registration of a salesman solely because the salesman was employed by a dealer whose registration was denied, suspended or revoked shall not prejudice subsequent applications for registration by the salesman.

D. A dealer or salesman that has voluntarily terminated or allowed the dealer’s or salesman’s registration to lapse continues to be subject to actions by the commission under this article in connection with conduct that began before the termination or lapse of the registration. The commission shall begin any action under this article against the dealer or salesman within two years after the termination or lapse of the registration.