11. The president may refuse to issue a permit(1) if he is of opinion that the applicant, by reason of his financial condition, is not in a position to assume the obligations arising from his business;
(2) if he has reasonable grounds to believe that a refusal is necessary to ensure, in the interest of the public, honesty and competence in collection agents’ activities;
(3) if the name or the corporate name of the partnership or corporation applying for the permit is identical to that of another partnership or corporation holding a permit, or so resembles it that it may easily be mistaken for it; or
(4) if the applicant does not meet a requirement prescribed by this Act or by regulation.