80-7-107. Grounds for refusal or revocation of license. The department, in accordance with Title 2, chapter 4, may refuse to issue a license or it may revoke a license under this part when:
(1) the firm has been adjudged bankrupt, insolvent, or guilty of fraud or deceit by a court of competent jurisdiction; or
(2) a verified complaint is made to the department that a licensee has failed to comply with this part.