Whenever any person fails to comply with any provision of this chapter or chapter 18 of this title, the tax administrator upon a hearing, after giving the person at least five (5) days’ notice, in writing, specifying the time and place of the hearing and requiring the person to show cause why his or her permit or permits should not be revoked, may revoke or suspend any one or more of the permits held by the person. The notice may be served personally or by mail. The tax administrator shall not issue a new permit after the revocation of a permit unless the tax administrator is satisfied that the former holder of the permit will comply with the provisions of this chapter and chapter 18 of this title; and in this case the tax administrator may require the filing of a bond with surety or the deposit of a security as the tax administrator deems necessary to assure compliance with those chapters.