Within one hundred and twenty days after the filing of a proper application for a license and the payment of the required fees, the board shall:
(1) Conduct an investigation of the applicant, and in that investigation may post pertinent information, including the name and address of the applicant and the names, addresses, and official capacities of any partnership, corporation, or other entity that the applicant is associated with; and
(2) Either issue a license to the applicant or notify the applicant in writing by registered mail of the board's decision not to grant the license and specifically notify the applicant of the applicant's right to submit a request for a contested case hearing pursuant to chapter 91 within sixty days of the board's decision. The hearing shall be conducted in accordance with chapter 91.