A. The Commissioner may deny an application for registration of an obligor under § 59.1-436 or may suspend or revoke such registration if the Commissioner finds that such action is necessary for the protection of purchasers or prospective purchasers or that any one of the following is true:
1. The obligor has failed to comply with any provision of this chapter;
2. The obligor has improperly denied or failed to honor a purchaser’s request as provided in subsection D of § 59.1-437 and the denial or failure is not rectified or sufficiently justified by the obligor;
3. The obligor does not pay a civil penalty assessed pursuant to subsection D of § 59.1-437 within 60 days of its assessment;
4. The obligor’s application for registration or any amendment thereto is incomplete in any respect;
5. The obligor failed to meet any other requirement of § 59.1-437;
6. The obligor has made any representation in any document or information filed with the Commissioner that is false or misleading;
7. The obligor has engaged or is engaging in any unlawful act or practice;
8. The obligor does not have a reasonable ability to discharge the obligations imposed upon it by any extended service contract; or
9. Facts not known by the Commissioner at the time the Commissioner considered the application for registration indicate that such registration should not have been issued.
B. Except as provided in subsection C, the Commissioner may deny, suspend, or revoke an obligor’s registration after a hearing with 15 days’ notice.
C. If the Commissioner finds that the public health, safety, or welfare requires emergency action and incorporates this finding in his order, the Commissioner may summarily deny, suspend, or revoke a registration. The obligor shall be given an opportunity within 10 days after entry of such an order to appear before the Commissioner and show cause why the summary order should not remain in effect. If good cause is shown, the Commissioner shall vacate the summary order. If good cause is not shown, the summary order shall remain in effect. The obligor shall have 15 days after the registration is summarily suspended within which to request a hearing, or the Commissioner may within 30 days thereafter set the matter for a hearing.
D. If any such registration is suspended or revoked, the Commissioner shall state its reasons for doing so, which shall be entered of record. Suspension or revocation of a registration for any violation of this chapter shall not affect the authority to take any action authorized by § 59.1-441 with respect to such violation.