(a) The Securities Commissioner may consider the following factors, without limitation, in determining whether an applicant has fulfilled the conditions for a license codified in Arkansas Code § 23-55-403(a)(2):

1. (1) Whether the applicant, an executive officer, proposed responsible person, board director, person in control, or authorized delegate:

   1. (A) Has been convicted of any felony within the past ten (10) years;
   2. (B) Has been convicted of a crime involving a financial transaction or fraud within the past ten (10) years;
   3. (C) Has criminal, civil, or administrative charges issued against him or her or them in any jurisdiction for violations relating to a financial transaction or transactions or fraud within the past ten (10) years;
   4. (D) Is the subject of an order, including any denial, suspension, or revocation of authority to engage in a regulated activity by any other state or federal authority to which the person is, has been, or has sought to be subject, entered within the past ten (10) years, including, but not limited to, the money service industry; or
   5. (E) Has falsified any information supplied in connection with the application;
2. (2) Whether the applicant, or any proposed authorized delegate thereof, has had an adverse action taken against any business license related to providing financial services by a jurisdiction within the United States within the past ten (10) years;
3. (3) Whether the applicant has allowed a business under its control to deteriorate to a condition of insolvency determined by the fact that its liabilities exceed its assets or it cannot meet its liabilities as they mature;
4. (4) Whether the applicant, or any authorized delegate thereof, failed to respond to a request for information from the commissioner;
5. (5) Whether the description of the screening process used by the applicant in selecting authorized delegates supplied by the applicant describes a process that is ineffective in determining the fitness of proposed authorized delegates;
6. (6) Whether the applicant has failed to register with the United States Department of the Treasury as required by 31 U.S.C. § 5330; and
7. (7) Whether the applicant, an executive officer, proposed responsible individual, board director, or person in control is listed on the specially designated nationals and blocked persons list prepared by the United States Department of the Treasury as a potential threat to commit terrorist acts or to finance terrorist acts.

(b)

1. (1) In lieu of denying an application as authorized by any of the findings in subsection (a) of this section, the commissioner may return the application or extend the review period if the commissioner determines that the condition or circumstances that would likely lead to denial may be temporary and resolved satisfactorily within a reasonable period of time.
2. (2) The commissioner may resume processing the application if the commissioner determines that a favorable resolution of the disqualifying condition has occurred.