The attorney general shall deny the application for or renewal of a license if he or she finds that the applicant, or the qualifying agent, or any of the applicant’s partners, officers, generals, or shareholders owning a ten percent (10%) or greater interest in the applicant, provided the applicant is not a publicly traded corporation, does any of the following:

(1)  Violates any provisions of this chapter or rules and regulations promulgated under this chapter;

(2)  In the case of the qualifying agent, commits any act that would disqualify the qualifying agent under § 5-5.1-8 and in the case of the applicant, or applicant’s partners, officers, generals, or shareholders owning a ten percent (10%) or greater interest in the applicant, provided the licensee is not a publicly traded corporation, has failed to meet the qualifications of § 5-5.1-8;

(3)  Practices fraud, deceit, or misrepresentation;

(4)  Makes a material misstatement in the application for or renewal of a license; or

(5)  Demonstrates incompetence or untrustworthiness in actions affecting the conduct of the business required to be licensed under the chapter.