1.  The Commissioner may suspend or revoke a solicitor’s permit if the Commissioner reasonably believes that:

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(a) A violation of this chapter or chapter 616A, 616C, 616D or 617 of NRS or title 57 of NRS or the terms of the permit or any proper order of the Commissioner has occurred; or

(b) A material misrepresentation in the offering or sale of securities, policies or memberships pursuant to the permit has occurred.

2.  If the Commissioner suspends or revokes a permit pursuant to subsection 1, the Commissioner shall expeditiously conduct a hearing, giving the holder of the permit a reasonable opportunity to appear and be heard.