An application for renewal of license may be denied if the auctioneer has:

1. (1) Been convicted in a court of competent jurisdiction of this or any other jurisdiction of a criminal offense involving a felony listed under Arkansas Code § 17-3-102 or any conduct which demonstrates:

   1. (A) Bad faith;
   2. (B) Dishonesty;
   3. (C) Incompetency;
   4. (D) Untruthfulness; or
   5. (E) Deceptive practices; or
2. (2) Failed to submit proof of the continuing education requirements.