The Township Secretary, with the approval of the Board of Township Commissioners (or such member or members thereof as it may designate), may cancel without notice or refuse to issue any license when, in his or her judgment, the quality or price of the goods offered for sale, or the practice or methods employed, or the terms thereof, are such that fraud and deception may be practiced on, or injury or loss may be suffered by, residents. In the event of such cancellation or refusal of a license, the amount paid or the unused portion thereof shall be refunded by the Township Treasurer who is hereby authorized to do so.