(A) Upon receipt of an application, an investigation of the applicant's business reputation and moral character shall be made.
(B) The application shall be approved unless the investigation discloses tangible evidence that the conduct of the applicant's business would pose a substantial threat to the public health, safety, morals, or general welfare. In particular, tangible evidence that the applicant:
(1) Has been convicted of a crime of moral turpitude;
(2) Has made willful misstatements in the application;
(3) Has committed prior violations of ordinances pertaining to itinerant merchants, peddlers, solicitors, and the like;
(4) Has committed prior fraudulent acts; or
(5) Has a record of continual breaches of solicited contracts will constitute valid reasons for disapproval of an application.