If, after notice and a hearing, the Commissioner finds that a person has violated a provision of this subtitle or a regulation of the Commissioner adopted under this subtitle, the Commissioner may impose a monetary penalty as provided in § 4-113(d) of this article. The Commissioner may suspend, revoke, or refuse to renew a license or certificate of authority for a violation of this subtitle. The Commissioner may determine when the suspension or revocation of a license or certificate of authority becomes effective. The suspension or revocation shall remain in effect for the period set by the Commissioner unless the Commissioner modifies or rescinds the suspension or revocation or until the order on which the suspension or revocation is based is modified or reversed as the result of an appeal. Before the Commissioner imposes a penalty or suspends or revokes a license or certificate of authority under this section, the Commissioner shall issue a written order that states the findings of the Commissioner. The Commissioner shall hold a hearing before issuing an order under paragraph (1) of this subsection. The Commissioner shall give written notice of the hearing to the person at least 10 days before the hearing. The notice shall specify the alleged violation.