(1) Made a material misstatement in the license application or any other submission required by this act or the department.

(2) Failed to comply with or violated any provision of this act or any regulation, order or statement of policy issued by the department under this act.

(3) Engaged in unfair or unethical conduct in connection with the debt management services business.

(4) Does not possess the financial responsibility, character, reputation, integrity and general fitness sufficient to warrant the belief that the debt management services business will be conducted lawfully, honestly and in the public interest.

(5) Been convicted of or pleaded guilty or nolo contendere to a crime of moral turpitude or to an offense graded as a felony.

(6) Been enjoined by a court of competent jurisdiction from engaging in the business of debt management services.

(7) Has had a license issued by the department denied, not renewed, suspended or revoked.

(8) Became the subject of a United States Postal Service fraud order.

(9) Demonstrated negligence or incompetence in performing an act for which the applicant is required to hold a license under this act.

(10) Has an outstanding debt to the Commonwealth or any Commonwealth agency.

(11) Has failed to maintain the bond required under section 7.¹

(12) Becomes insolvent, meaning that the liabilities of the applicant or licensee exceed the assets of the applicant or licensee or that the applicant or licensee cannot meet the obligations of the applicant or licensee as they mature or is in such financial condition that the applicant or licensee cannot continue in business with safety to the customers of the applicant or licensee.

(13) Has failed to disburse a consumer's payments to creditors in a timely manner as agreed to under a debt management services agreement for any reason other than the consumer's failure to make the agreed-to payments to the licensee or because such disbursement would constitute a violation of applicable law or an order issued by a court or administrative body of competent jurisdiction.