Any license may be revoked by the Treasurer at any time for conditions or considerations which, had they existed at the time of issuance, would have been valid grounds for its denial; for any misrepresentation of a material fact in the application discovered after issuance of the license; for violation of any provision of this chapter or other law or ordinance relating to the operation of the business or enterprise for which the license has been issued; or upon conviction of a licensee for a violation of any Federal, State or Municipal law or ordinance involving moral turpitude. Such revocation shall become effective upon notice served upon such licensee or posted upon the premises affected. As a preliminary to revocation, the Treasurer may issue an order suspending such license, which shall become effective immediately upon service of written notice to such licensee. Such notice shall specify the reason for suspension and may provide conditions under which reinstatement of the license may be obtained. Upon compliance with such conditions within the time specified, such license may be restored.