Section 121. Any license issued pursuant to section one hundred and twenty may be suspended or revoked if the licensee is in violation of any provision of sections one hundred and eighteen to one hundred and twenty-seven, inclusive, or the rules and regulations promulgated under the authority thereof, or any lawful order of the department or the commissioner. A hearing shall be held prior to the revocation, or within seven days after the suspension, of any such license, unless prior to the expiration of such period, said license has been restored. Such hearings shall be held before a hearings board within the department established in section one hundred and twenty-two.