(1) A person whose license or permit has been suspended, revoked, or denied shall immediately discontinue operation of the business for which the license or permit was issued or requested.

  (2) A person whose license or permit has been suspended or revoked is not eligible for reinstatement of the license or permit until the director determines that all violations have been corrected.

  (3) If the department has provided notice to a licensee or permittee as required by the administrative procedures act of 1969, 1969 PA 306, MCL 24.201 to 24.328, and subsequently determines that summary suspension of the licensee’s or permittee’s license or permit is necessary to prevent an imminent threat of financial loss to 1 or more producers with whom the licensee or permittee does business, the director may summarily suspend the licensee’s or permittee’s license or permit. The director shall incorporate the determination in his or her order of summary suspension. This summary suspension may be ordered effective on the date specified in the order or the date of service upon the licensee, whichever is later, and is effective during the proceedings. The proceedings shall be promptly commenced and determined.