(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 such 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 of the following will constitute valid reasons for disapproval of an application:
(1) The applicant has been convicted of a crime of moral turpitude;
(2) The applicant has made willful misstatements in the application;
(3) The applicant has committed prior violations of ordinances pertaining to itinerant merchants, peddlers, solicitors, and the like;
(4) The applicant has committed prior fraudulent acts; or
(5) The applicant has a record of continual breaches of solicited contracts.