The department may deny an application for a license, or suspend or revoke a license after it has been granted, or refuse to renew a license for any of the following reasons:

(1)  Proof of unfitness of the applicant or licensee to engage in this business.

(2)  A material misstatement by the applicant or licensee in his application for a license or renewal thereof.

(3)  Willful failure of the applicant or licensee to comply with the provisions of this chapter or with any rule or regulation promulgated by the board.

(4)  Proof that the applicant or licensee has willfully defrauded the owner of a motor vehicle.