The director of the aeronautics commission may deny an application for a dealer's license or suspend, revoke, or cancel such a license after it has been granted for the following reasons:
1. For any material misstatement by an applicant in the application for the license.
2. For any willful failure to comply with the provisions of this chapter or with any rule or regulation promulgated by the aeronautics commission.
3. For knowingly permitting any salesperson to sell or exchange, or offer or attempt to sell or exchange, any aircraft or ultralight vehicle except for the licensed dealer by whom the salesperson is employed, or to offer, transfer, or assign any sale or exchange that the salesperson may have negotiated to any other dealer.
4. For having violated any law relating to the sale, distribution, or financing of aircraft or ultralight vehicles.
5. For having ceased to have an established place of business as herein defined.
Such cancellation and revocation shall be done in the manner and according to the procedure described in chapter 28-32.