(a) Subject to the provisions of subsection (b) of this section, the Commission may order summarily the suspension of the license of a licensee if the licensee:

(1) fails to account promptly for any money held in trust;

(2) on demand, fails to display to the Commission all records, books, and accounts of any money held in trust;

(3) has been convicted of a felony under the laws of the United States or of any state; or

(4) within 10 days after the conviction or within 10 days following release from incarceration as a result of the conviction, whichever is later, fails to disclose to the Commission that the licensee has been convicted of a felony under the laws of the United States or of any state.

(b) The Commission may order summarily a suspension under this section only if the Commission gives the licensee:

(1) written notice of the suspension and the finding on which the suspension is based; and

(2) after the summary suspension is effective, an opportunity to be heard promptly before the Commission or, as provided under § 17-326 of this subtitle, before a hearing board.

(c) A summary suspension ordered by the Commission under this section:

(1) may start immediately or at any later date, as set by the order; and

(2) shall continue until:

(i) the licensee complies with the conditions set forth by the Commission in its order; or

(ii) the Commission orders a different disposition after a hearing held under this section.

(d) (1) Rather than order summarily a suspension of a license under this section, the Commission may elect not to suspend the license until after the licensee is given an opportunity for a hearing.

(2) If the Commission elects to give the licensee an opportunity for a hearing before suspending the license for the grounds set forth in this section, the Commission shall give notice and hold the hearing in the same manner as required under § 17-324 of this subtitle.