Upon receipt of an application, together with the filing fee, the board shall cause an investigation to be made, prior to approval of an applicant, to determine each of the following:
(1) The legal entity that is to conduct the business of the applicant and if the entity is a foreign corporation, whether or not it is qualified to do business in Louisiana.
(2) The identity of the principal owners, principal stockholders, and all directors and officers, and the ability, experience, financial stability, and integrity of each of the parties to conduct the business stated in the application.