(1) The renewal of a license originally granted under this chapter may be denied, or a license may be suspended, denied or revoked by the administrator on the following grounds:
(a) Material misstatement in application for license;
(b) Willful failure to comply with provision of this chapter relating to retail installment contracts;
(c) Defrauding any retail buyer to the buyer’s damage;
(d) Fraudulent misrepresentation, circumvention or concealment by the licensee through whatever subterfuge or device of any of the material particulars or the nature thereof required to be stated or furnished to the retail buyer under this chapter.
(2) Any licensee who is exempt from liability for an act or omission under Section 63-19-57 shall not have his license suspended or revoked or the renewal of his license denied under this section for the same act or omission.
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