(1) Upon the filing of an application and the payment of the license fee, the commissioner may make a background examination of each applicant and shall issue a premium finance company license if the applicant is qualified in accordance with this chapter. If the commissioner denies the application, the applicant may file a written demand for a hearing pursuant to the provisions of 33-1-701.
(2) The commissioner shall issue or renew a license when the commissioner is satisfied that the person to be licensed:
(a) is competent and trustworthy and intends to act in good faith in the capacity involved by the license applied for;
(b) has a good business reputation and has had experience, training, or education that qualifies the applicant in the business for which the license is applied; and
(c) if a corporation, is a corporation incorporated under the laws of the state or is a foreign corporation authorized to transact business in the state.