A. The commission may revoke the permit of any permittee upon any of the grounds upon which the commission could refuse to approve a permit in section 5-108 or who has failed to pay the department all sums required under this chapter.

B. The commission may revoke the permit to hold a racing meeting of any corporate permittee which transfers ten per cent of its stock after a permit to hold a racing meeting is issued, and before the termination of the permit period, except as authorized in section 5-108, subsection A, paragraph 2, subdivision (d).

C. Revocation shall be made only after a hearing before the commission for which ten days’ notice in writing by certified mail has been given to the permittee specifying the grounds for the proposed revocation.

D. At the hearing, the permittee shall be given an opportunity to be heard and present evidence in opposition to the proposed revocation.

E. When the grounds exist for the imposition of a civil penalty or revocation of a permit issued pursuant to this chapter the department may impose a civil penalty, not to exceed five thousand dollars per day nor more than a total of twenty-five thousand dollars, on the permittee in lieu of or in addition to revocation of the permit by the commission. The department in addition to any criminal penalties provided in this chapter may levy a civil penalty as to a permittee in an amount not to exceed five hundred dollars for violation of any provision of this chapter or rule or regulation adopted pursuant to this chapter which does not constitute grounds for revocation of a permit. All sums paid to the department pursuant to this subsection shall be deposited in the general fund.