The director may refuse to renew or may revoke or suspend any permit issued to a service company pursuant to this article if, after notice and a hearing, the director finds any of the following:

1. Any judgment in favor of a contract holder or his heir or assignees has become final and has not been paid in full within sixty days.

2. The service company has violated any provision of this article.

3. In the opinion of the director, the service company is insolvent.