After a hearing, the Secretary may refuse to issue a license or may suspend or revoke a license for: Fraudulent or deceptive statements on an application for a license; Conviction of a violation of any of the provisions of this chapter; Failure to maintain adequate insurance on all grain received into the physical control or possession of the grain dealer; or Failure to notify the Secretary and to comply with the requirements of Regulation .03E of this chapter by a person who is handling more grain than allowed by the scope of the license. If a license is suspended or revoked, it shall be returned immediately to the Secretary.