(1) The commission, after notice and hearing, may issue a notice of suspension if any of the following conditions exist:

(a) Any representation in any document or information filed with the commission is false or misleading;

(b) Any developer or agent of the developer has engaged or is engaging in any unlawful act or practice;

(c) Any developer or agent of the developer has disseminated or caused to be disseminated orally or in writing any false or misleading promotional materials in connection with a time-share program;

(d) Any developer or agent of the developer has concealed, diverted, or disposed of any funds or assets of any person in a manner impairing rights of purchasers of time-share intervals in the time-share program;

(e) Any developer or agent of the developer has failed to perform any stipulation or agreement made to induce the commission to issue an order relating to the time-share program; or

(f) Any developer or agent of the developer has otherwise violated any provision of the Nebraska Time-Share Act or the commission's rules and regulations or orders.

(2) The commission may issue a cease and desist order if the developer has not registered the time-share program as required by the act.

(3) The commission, after notice and hearing, may issue an order revoking the registration of a time-share program upon determination that a developer or agent of the developer has failed to comply with a notice of suspension issued by the commission affecting the time-share program.