(1) Except as otherwise provided in this chapter, the director may by order deny, suspend, or revoke a vessel dealer license, or in lieu of or in addition to, may by order assess monetary penalties of a civil nature not to exceed one thousand dollars per violation, if the director finds that the applicant or licensee:
(a) Is applying for a dealer's license or has obtained a dealer's license for the purpose of evading excise taxes on vessels;
(b) Has been adjudged guilty of a felony that directly relates to marine trade and the time elapsed since the adjudication is less than ten years. For purposes of this section, "adjudged guilty" means, in addition to a final conviction in court, an unvacated forfeiture of bail or collateral deposited to secure a defendant's appearance in court, the payment of a fine, a plea of guilty, or a finding of guilt regardless of whether the sentence is deferred or the penalty is suspended;
(c) Has failed to comply with the trust account requirements of this chapter;
(d) Has failed to transfer a certificate of title to a purchaser as required in this chapter;
(e) Has misrepresented the facts at the time of application for registration or renewal; or
(f) Has failed to comply with applicable provisions of this chapter or any rules adopted under it.
(2) The director may deny a vessel dealer license under this chapter if the application is a subterfuge that conceals the real person in interest whose vessel dealer license has been denied, suspended, or revoked for cause under this chapter and (a) the terms have not been fulfilled or a civil penalty has not been paid or (b) the director finds that the application was not filed in good faith. This subsection does not prevent the department from taking an action against a current vessel dealer licensee.