1.  After giving written notice of charges to the seller, not less than 30 days in advance of a hearing, the Commissioner may, after the hearing, revoke the seller’s certificate of authority if the seller:

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(a) Obtained the certificate of authority through misrepresentation or concealment of a material fact;

(b) Is no longer qualified for such a certificate of authority; or

(c) Knowingly violates any provision of NRS 689.150 to 689.375, inclusive, or any lawful order or regulation of the Commissioner.

2.  If a seller is found to be in violation of paragraph (c) of subsection 1, the Commissioner may, in lieu of revocation, suspend the seller’s certificate of authority for a period not to exceed 90 days.