A bail bondsman's license shall not be issued or renewed to any individual, and may be revoked, if that individual:

1. (1) Has pleaded guilty or nolo contendere or been found guilty of a felony or any offense listed under Arkansas Code § 17-3-102, unless:

   1. (A) Sealed under the Comprehensive Criminal Record Sealing Act of 2013, Arkansas Code § 16-90-1401 et seq.;
   2. (B) Otherwise sealed, pardoned, or expunged under prior law; or
   3. (C) A waiver is granted pursuant to Arkansas Code § 17-3-102;

2. (2) Is regularly or frequently employed by:

   1. (A) A court of law; or
   2. (B) A public law enforcement agency;
3. (3) Is an attorney licensed by the State of Arkansas or an employee of an attorney;

4. (4) Is found by the Professional Bail Bond Company and Professional Bail Bondsman Licensing Board to be:

   1. (A) Incompetent;
   2. (B) Untrustworthy;
   3. (C) Financially irresponsible; or
   4. (D) Of doubtful personal and business reputation; or
5. (5) Is a person whose license has been previously revoked.