1. The Department may refuse to grant or to renew a license or may suspend or revoke a license if, after notice and a hearing, the Department finds: (a) That the licensee has violated any provision of this chapter, or any rule, order or regulation issued pursuant to law; (b) That the licensee has knowingly received on consignment, or sold or exchanged, stolen livestock or mortgaged livestock without authority from the owner or mortgagee; (c) That the licensee has been guilty of fraud or deception in any material particular in securing the license; (d) That the licensee has failed to keep records as required by this chapter; (e) That the licensee has failed to practice measures of sanitation as required by this chapter, or has violated the rules and regulations, if any, for the yarding, housing, holding and feeding of livestock; (f) That the licensee, in the case of livestock weighed on the licensees scales and sold by weight, has knowingly quoted incorrect weights, or has failed to have his or her scales regularly inspected and tested; (g) That the applicant or licensee has intentionally made a false or misleading statement as to the conditions of the livestock market, or has authorized any false advertising reflecting the operation of his or her public livestock auction; (h) That the applicant or licensee has been previously convicted of a felony; or (i) That the applicant or licensee has within 3 years next preceding the action of the Department: (1) Filed a voluntary petition in bankruptcy; (2) Been adjudged an involuntary bankrupt; (3) Received or been refused a discharge in bankruptcy; or (4) Failed to make full settlement with all consignor creditors after a claim against the applicants or licensees surety or deposit in lieu of bond has been collected by court order. 2. The provisions of subparagraphs (1), (2) and (3) of paragraph (i) of subsection 1 do not apply to any person who has made full settlement with the persons creditors. A natural person shall be deemed to have committed one of the acts set forth in those subparagraphs if such an act has been committed by any corporation of which the person was at the time of the act an officer or director or the beneficial owner of 20 percent or more of the capital stock. A corporation shall be deemed to have committed one of the acts set forth in those subparagraphs if the act has been committed: (a) By another corporation controlled by the applicant corporation. (b) By a natural person who at the time of application is an officer or director or the beneficial owner of 20 percent or more of the capital stock of the applicant corporation. (c) By another corporation of which a natural person as described in paragraph (b) was at the time of the act an officer or director or the beneficial owner of 20 percent or more of the capital stock. 3. In the case of any hearing held under the provisions of this section, there must be filed in the office of the Department a memorandum stating briefly the reasons of the Department for the denial, suspension or revocation of the license, but formal findings of fact are required to be made or filed.
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