(1) The director may deny, suspend, or revoke a license or registration or place on probation or issue a letter of admonition to alicensee or registrant if the fantasy contest operator, including a small fantasy contest operator:
(a) Violates any order of the director or any provision of this article or the rules established under this article;
(b) Fails to meet the requirements for licensure under this article; or
(c) Uses fraud, misrepresentation, or deceit in applying for or attempting to apply for licensure or registration or otherwise in operating or offering to operate a fantasy contest.
(2) If it appears to the director, based upon credible evidence as presented in a written complaint, that a person is operating or offering to operate a fantasy contest without having obtained a registration or license, the director may issue an order to cease and desist the activity. The director shall set forth in the order the statutes and rules alleged to have been violated, the facts alleged to have constituted the violation, and the requirement that all unauthorized practices immediately cease. Within ten days after service of the order to cease and desist pursuant to this subsection (2), the person may request a hearing on the question of whether acts or practices in violation of this article have occurred. The hearing shall be conducted pursuant to section 24-4-105, C.R.S.
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