Grounds for discretionary refusal, suspension, or revocation of license or appointment of salespersons.

(1) The department may, in its discretion, deny, suspend, revoke, or refuse to renew or continue the license or appointment of any salesperson if it finds that as to the salesperson any one or more of the following applicable grounds exist under circumstances for which such denial, suspension, revocation, or refusal is not mandatory under s. 634.181:

(a) For any cause for which granting of the license or appointment could have been refused had it then existed and been known to the department.

(b) Violation of any provision of this part or of any other law applicable to the business of service agreements in the course of dealings under the license or appointment.

(c) Violation of any lawful order or rule of the department or commission.

(d) Failure or refusal, upon demand, to pay over to any company or insurer the salesperson represents or has represented any money coming into her or his hands belonging to the company or insurer.

(e) If, in the conduct of business under the license or appointment, the salesperson has engaged in unfair methods of competition or in unfair or deceptive acts or practices, as such methods, acts, or practices are or may be defined under this part, or has otherwise shown herself or himself to be a source of injury or loss to the public or detrimental to the public interest.

(f) Failure to report to the department within 30 days the final disposition of an administrative action taken against a salesperson by a governmental agency or other regulatory agency in this state or any other state or jurisdiction relating to the business of insurance, the sale of securities, or an activity involving fraud, dishonesty, trustworthiness, or breach of a fiduciary duty. The salesperson must submit a copy of the order, consent to order, or other relevant legal documents to the department.

(2) The department may adopt rules to administer this section.