(1) No Residential Property Wholesaler or applicant for a Residential Property Wholesaler License shall, in the course of soliciting Residential Property:
(a) knowingly make any substantial misrepresentations, make any false promises, untruthfully advertise, or engage in any conduct which demonstrates bad faith, dishonesty, untrustworthiness, or incompetency; or
(b) knowingly give false or misleading information when completing a Residential Property Wholesaler License application or when providing changes of information to the Administrative Agency.
(2) A significant history of violation of the prohibited conduct listed in this Section 9-5204, will be cause for refusal of a Residential Property Wholesaler License or revocation of a Residential Property Wholesaler License.