(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. The applicant:
(1) Has been convicted for a crime of moral turpitude;
(2) Has made wilful misstatements in the application;
(3) Has committed prior violations of ordinances pertaining to itinerant merchants, peddlers, solicitors, and the like;
(4) Has committed prior fraudulent acts; or
(5) Has a record of continual breaches of solicited contracts.