Upon being satisfied that all requirements have been met, the Agency may approve the contractor’s application. The Agency will not approve a contractor’s application if any of the following conditions exist:

1. (1) The individuals applying, even if doing so as part of a business entity, have been convicted of a criminal offense related to a home improvement transaction, fraud, theft, a crime of deception or a crime involving fraudulent business practices.
2. (2) The contractor has been suspended or debarred from participating in any Federal, State or local program through which public funding or other assistance is provided to consumers for home improvements.