(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 that the applicant has committed any of the following will constitute valid reasons for disapproval of an application:
(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 transient merchants, peddlers, solicitors, and the like;
(4) Has committed prior fraudulent acts; or
(5) Has a record of past breaches of solicited contracts.