(1)    General. The department may for cause deny, suspend, revoke, or impose conditions on a contractor’s license, as provided in s. 93.06 (7) and (8). Cause may include any of the following:

      (a)    The contractor fails to comply with this chapter or a rule promulgated under this chapter.

      (b)    The contractor fails to comply with an order that the department issues under this chapter.

      (c)    The contractor fails to provide relevant information that the department requests under this chapter or falsifies information provided to the department.

      (d)    The contractor fails to file a financial statement, security, fees, or assessments required under this chapter, or fails to meet other requirements for licensing.

      (e)    The contractor fails to honor contract obligations to persons who are authorized to file default claims under s. 126.70 (1).

      (f)    The contractor fails to pay an amount owed under s. 126.73 within 60 days after the contractor receives a written demand for payment from the department or other person to whom payment is due under s. 126.73.

   (2)   Hearing on license action; general. Except as provided in sub. (3), the department shall give a contractor notice and an opportunity for hearing before the department suspends, revokes, or imposes conditions on a license held by the contractor.

   (3)   Summary action.

      (a)    The department may, without prior notice or hearing, summarily suspend, revoke, or impose conditions on a license held by a contractor if the department finds that any of the conditions identified in s. 126.85 (2) exist or otherwise finds that summary action is necessary to prevent a clear and imminent threat of harm to persons protected under this chapter.

      (b)    A contractor who is the subject of a summary action under par. (a) may, within 10 days after receiving notice of that action, request a hearing on the action. The department shall hold an informal hearing as soon as possible after receiving a hearing request, but not later than 10 days after receiving the hearing request, unless the contractor waives the informal hearing or agrees to hold it at a later date. If the matter is not resolved at the informal hearing, the department shall hold a contested case hearing under ch. 227 as soon as reasonably possible.

      (c)    A request for hearing under par. (b) does not automatically stay a summary action under par. (a). The department may stay a summary action pending hearing.