(1) Upon the filing of an application and the payment of the license fee, the commissioner shall make an investigation of each applicant and shall issue a license if the application is qualified in accordance with this chapter. If the commissioner does not so find, he or she, at the request of the applicant, shall give the application a full hearing in accordance with the Mississippi Administrative Procedures Law.
(2) The commissioner shall issue or renew a license when he or she is satisfied that the person to be licensed: Is competent and trustworthy and intends to act in good faith;
(3) Has a good business reputation and has had the experience or training or possesses the abilities so as to be qualified to act as a premium finance company;
(4) If a corporation, is incorporated under the laws of this state or, if a foreign corporation, is authorized to transact business in this state.