(a) A licensee shall submit to the commissioner an application requesting approval of a proposed change of control of the licensee, accompanied by a nonrefundable application fee of $500, payable to the division.
(b) The commissioner shall approve an application requesting approval of a proposed change of control under subsection (a) if, after investigation, the commissioner determines that:
(1) The person or group of persons who will obtain control will be in compliance with this chapter upon approval of the application;
(2) The person or group of persons who will obtain control has the competence, experience, character, and general fitness to control the licensee or person in control of the licensee in a lawful and proper manner; and
(3) The interests of the public will not be jeopardized by the change of control.