1. In addition to any other requirements set forth in this chapter, each applicant must submit proof satisfactory to the Commissioner that the applicant:
(a) Has a good reputation for honesty, trustworthiness and integrity and is competent to transact the business for which the applicant seeks to be licensed in a manner which protects the interests of the general public.
(b) Has not made a false statement of material fact on the application for the license.
(c) Has not committed any of the acts specified in subsection 2.
(d) Has not had a license issued pursuant to this chapter suspended or revoked within the 10 years immediately preceding the date of the application.
(e) Has not been convicted of, or entered a plea of nolo contendere to, a felony or any crime involving fraud, misrepresentation or moral turpitude.
(f) If the applicant is a natural person:
(1) Is at least 21 years of age; and
(2) Is a citizen of the United States or lawfully entitled to remain and work in the United States.
2. In addition to any other lawful reasons, the Commissioner may refuse to issue a license to an applicant if the applicant:
(a) Has committed or participated in any act for which, if committed or done by a holder of a license, would be grounds for the suspension or revocation of the license.
(b) Has previously been refused a license pursuant to this chapter or has had such a license suspended or revoked.
(c) Has participated in any act which was a basis for the denial or revocation of a license pursuant to this chapter.
(d) Has falsified any of the information submitted to the Commissioner in support of the application for a license.