The department may refuse to issue a license to establish or maintain and operate, or both, a nursing home to an applicant if any of the following are met:

    (a) An occupational, professional, or health agency license held by the applicant was revoked during the 5 years before the date of application.

    (b) The department finds that the applicant is not suitable to operate a nursing home because of financial incapacity or a lack of good moral character or appropriate business or professional experience. As used in this subdivision, "good moral character" means good moral character as defined in, and determined under, 1974 PA 381, MCL 338.41 to 338.47.