The director may revoke, suspend, or place on probation, for such period as he or she may determine, the license of any consultant if, after notice and hearing, he or she determines that the licensee has:

(1) Violated any of the provisions of sections 44-2606 to 44-2635, any insurance laws, or any lawful rule, regulation, or order of the director or of a director or commissioner of another state or province;

(2) Recommended the purchase of insurance, annuities, or securities from any authorized insurer in which the consultant or any member of his or her immediate family holds an executive position or holds a substantial interest;

(3) Received compensation in any form from any agency or other insurance organization for recommending such agency or organization to the consultant's client;

(4) Knowingly and willfully misrepresented the terms of any actual or proposed insurance contract;

(5) Been found guilty of any unfair trade practice or of fraud;

(6) Been convicted of any felony, or convicted of a Class I, II, or III misdemeanor evidencing that such licensee is not worthy of the public trust;

(7) Had a consultant's license suspended, revoked, or placed on probation in any other state;

(8) Failed to submit to a reexamination for competence or failed to pass such examination;

(9) Demonstrated incompetency, untrustworthiness, or failure to comply with the provisions of his or her insurance consultant's contract; or

(10) Obtained the license through misrepresentation, fraud, or any cause for which issuance could have been refused had it been known to the director at the time of issuance.