31-1-222. Denial of licenses. Subject to the notice and opportunity for hearing provisions of 31-1-203, initial licensure or license renewal may be denied by the department on the following grounds:

(1) material misstatement of fact or material omission of fact in the application for license or renewal;

(2) a civil judgment against the applicant for defrauding a retail buyer in relation to financing terms of a retail installment contract; or

(3) having had a sales finance company license or other financial services license revoked by a regulatory agency in any jurisdiction.