Section 5. The commissioner may forthwith revoke or suspend any license issued under this chapter if he finds after a hearing that:
(a) the licensee has violated any provision of this chapter or any rule or regulation lawfully made thereunder by the commissioner;
(b) the existence of any fact or condition which, if it had existed at the time of the original application for such license, clearly would have warranted the commissioner in refusing to issue such license.
The commissioner may revoke or suspend only the particular license with respect to which grounds for revocation or suspension may occur or exist, or, if he shall find that such grounds for revocation or suspension are of general application to all offices, or to more than one office, operated by such licensee, he shall revoke or suspend all of the licenses issued to such licensee or such number of licenses as such grounds apply to, as the case may be.
The commissioner shall have sufficient cause to suspend or revoke a license whenever he learns from the commissioner of insurance or from any other source that the licensee has failed to return the full amount of a return premium to the person whose insurance policy has been cancelled or to his assignee, as required by section one hundred and seventy-six A of chapter one hundred and seventy-five.
Any licensee may surrender any license by delivering to the commissioner written notice that he thereby surrenders such license, but such surrender shall not affect the licensee’s civil or criminal liability for acts committed prior to such surrender.
A revocation or suspension or surrender of any license shall not impair or affect the obligation of an insured under any lawful premium finance agreement previously acquired or held by the licensee.
Whenever the commissioner revokes or suspends a license, he shall forthwith execute in duplicate a written order to that effect, and shall file one copy of such order in the office of the secretary of state and mail one copy to the licensee. A suspension or revocation of a license shall not be subject to the provisions of chapter thirty A.
After revocation or surrender of a license an applicant may reapply for a license in the same manner as for an original license, as provided in section three.