(A) Upon receipt of an application, an investigation of the applicant's business reputation and 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, or general welfare. In particular, the following tangible evidence will constitute valid reasons for disapproval of an application:
(1) The applicant has been conviction within the last three years of any felony, or conviction within the last three year of any misdemeanor involving a sex offense, a drug trafficking offense, or any offense of violence against persons or property;
(2) The applicant has made willful misrepresentations in the application;
(3) The applicant as committed prior violations of ordinances pertaining to itinerant merchants, peddlers, solicitors, and the like;
(4) The applicant as committed prior fraudulent acts; or
(5) The applicant as a record of continual breaches of solicited contracts.