All licensees shall carry out the terms and conditions of contracts to which they are parties. Licensees failing to faithfully perform and discharge their respective contractual obligations shall be subject to disciplinary action by the Commission, in the discretion of the Commission, including fine, license suspension, or license revocation. Licensed managers may be disciplined by the Commission for failure of their principals to carry out the terms and conditions of contracts to which they are parties.
N.Y. Comp. Codes R. & Regs. Tit. 19 § 209.3