If, after notice and a hearing, the commissioner finds that any California agent of a licensee or any director, officer, employee, or controlling person of such agent: (a) Has violated any provision of this chapter or of any regulation or order issued under this chapter; (b) Has engaged or participated in any unsafe or unsound act with respect to the business of selling payment instruments issued by the licensee; or (c) Has made or caused to be made in any application or report filed with the commissioner or in any proceeding before the commissioner, any statement which was at the time and in the light of the circumstances under which it was made, false or misleading with respect to any material fact, or has omitted to state in any such application or report any material fact which is required to be stated therein: The commissioner may issue an order suspending or barring such agent from continuing to be or becoming an agent of any licensee or of any person referred to in Section 33100(a), during the period for which such order is in effect.
