When the commission can cancel a condo project's registration

(a) The commission, after notice and hearing, may issue an order terminating the registration of a condominium project upon determination that a developer, or any officer, principal, or affiliate of a developer has: (1) Failed to comply with a cease and desist order issued by the commission affecting that condominium project; (2) Concealed, diverted, or disposed of any funds or assets of any person in a manner impairing rights of purchasers of units in that condominium project; (3) Failed to perform any stipulation or agreement made to induce the commission to issue an order relating to that condominium project; (4) Misrepresented or failed to disclose a material fact in the application for registration; (5) Failed to meet any of the conditions described in this part necessary to qualify for registration; or (6) Failed to conform or comply with county zoning and development ordinances as required by chapter 205, including section 205-4.6 where applicable, and section 514B-5. (b) A developer may not convey, cause to be conveyed, or contract for the conveyance of any interest in a unit while an order revoking the registration of the condominium project is in effect, without the consent of the commission. (c) The commission may issue a cease and desist order in lieu of an order of revocation where appropriate.