(a) The Secretary of Banking shall have the power to reject any application for license if he is satisfied that the financial responsibility, experience, character, and general fitness of the applicant or applicants is not such as to command the confidence of the community and to warrant the conclusion that the business will be operated honestly, fairly, and within the laws of this Commonwealth, or if he is not satisfied that allowing such applicant to engage in business will promote the convenience and advantage of the community in which the business of the applicant is to be conducted: Provided, however, That no license may be issued to an applicant who has been convicted under this act for engaging in the business of pawnbroking in this Commonwealth, without having obtained a license under this act. Further, the Secretary of Banking may reject an application for a license based upon proliferation of existing licenses within the same area, community opposition to the application and inability to meet minimum capital requirements or recordkeeping obligations.

(b) The Secretary of Banking may, upon thirty (30) days' written notice to the pawnbroker, forwarded by registered mail to the place of business of such pawnbroker as shown in the application for license, stating the contemplated action and in general the grounds therefor, revoke any license if the pawnbroker shall violate any provision of this act, or if the pawnbroker shall violate any rule or regulation made by the Secretary of Banking under and within the authority of this act, or if a pawnbroker shall fail to comply with any demand, rule or regulation lawfully made by the Secretary of Banking under and within the authority of this act, or if the pawnbroker shall fail to pay the cost of examination by the Secretary of Banking or his authorized representative, or if the pawnbroker has failed to maintain in effect the bond required under the provisions of this act, or if the pawnbroker shall fail to file the annual report to the Secretary of Banking within the time stipulated in this act, or if any fact or condition exists which, if it had existed at the time of original application for such license, clearly would have warranted the Secretary of Banking originally in refusing to issue such license. Whenever such license is revoked, the Secretary of Banking shall not issue another to the said pawnbroker until the expiration of at least one year from the date of revocation of such license and not at all if such pawnbroker shall have been convicted for a deliberate violation of this act or for a second offense.

(c) The Secretary of Banking may require a pawnbroker licensed under this act to file special reports in addition to the annual report required under this act.

(d) The Secretary of Banking is hereby authorized and empowered to issue rules and regulations governing the records to be maintained by a pawnbroker licensed under this act, and he is further authorized and empowered to issue such general rules and regulations as may be necessary for the protection of the public and to insure the proper conduct of such business, and for the enforcement of this act, which rules and regulations shall have the force and effect of law. These rules and regulations shall include minimum start-up and capital operating requirements, the filing of annual reports to the Secretary of Banking and any other financial recordkeeping the Secretary of Banking deems necessary to ensure compliance with this act.