(d) The board shall revoke or deny the license of a school upon receipt of information from the Identification Bureau of the Division of Arkansas State Police that only one (1) of the partners or shareholders of the school holding the license has pleaded guilty, entered a plea of nolo contendere, or has been found guilty in a criminal proceeding, regardless of whether or not the adjudication of guilt or sentence is withheld, deferred, or suspended by a court of this state, another state, or the federal government of any:

1. (1) Felony; or
2. (2) Act involving moral turpitude, gross immorality, or which is related to the qualifications, functions, and duties of a licensee.

(e)

1. (1) The revocation or denial of the school license may be waived by the board upon the request of:

   1. (A) An affected applicant for licensure; or
   2. (B) The partners or shareholders of a school holding a license subject to revocation.

2. (2) Circumstances for which a waiver may be granted shall include, but not be limited to, the following:

   1. (A) The age at which the crime was committed;
   2. (B) The circumstances surrounding the crime;
   3. (C) The length of time since the crime;
   4. (D) Subsequent work history;
   5. (E) Employment references;
   6. (F) Character references; and
   7. (G) Other evidence demonstrating that the applicant does not pose a threat.