(a) By order, the Commissioner may cancel a registration or application, if the Commissioner finds that the applicant or registrant:

(1) Has abandoned the application;

(2) Is no longer in existence;

(3) Has ceased to do business as a broker-dealer, agent, investment adviser, or investment adviser representative;

(4) Is subject to an adjudication of mental incompetence or the control of a committee, conservator, or guardian; or

(5) Cannot be located after reasonable search.

(b) The Commissioner may deem abandoned a notice filing that a federal covered adviser has filed under § 11-405 of this subtitle, if the Commissioner finds that the federal covered adviser:

(1) Has abandoned the notice filing;

(2) Is no longer in existence;

(3) Has ceased to do business as a federal covered adviser;

(4) Is subject to adjudication of mental incompetence or to the control of a committee, conservator, or guardian; or

(5) Cannot be located after a reasonable search.