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, or general welfare. In particular, the following will constitute valid reasons for disapproval of an application with tangible evidence that the applicant:
(A) Has been convicted of a crime of moral turpitude;
(B) Has made willful misstatements in the application;
(C) Has committed prior violations of ordinances pertaining to itinerant merchants, peddlers, solicitors and the like;
(D) Has committed prior fraudulent acts; or
(E) Has a record of continual breaches of solicited contracts.