No license to conduct or operate a collection service business in this state shall be issued to any person:
(1) Who is not trustworthy;
(2) Who does not have a proven reputation for honesty and fair dealings;
(3) Who is not financially responsible;
(4) Who, in the opinion of the board, is not competent to engage in the collection of the accounts and claims of others;
(5) Who, within the past seven (7) years, has been convicted in any court of fraud or any felony or had judgment entered against the person in any court for failure to account to a client for money or property collected;
(6) Whose license to practice law has been suspended or revoked within the past seven (7) years;
(7) Who, unless a nonresident applicant, does not maintain in this state a regular office in which are kept complete records of collections and claims handled for clients and against debtors residing in this state;
(8) Who, unless a nonresident applicant, does not maintain in this state bank accounts with sufficient funds at all times to disburse amounts due clients; and
(9) Who, within the past seven (7) years, has filed a petition under the federal bankruptcy laws or state insolvency laws or has had a receiver, fiscal agent or similar officer appointed by a court for the person's business or property.