Within 60 days after the filing of the application and the payment of the fees herein set forth the commissioner shall:
(a) issue and deliver to the applicant a license to engage in the business of a home financing agency, home repair contractor, or a home repair salesman in accordance with the provisions of this act; or
(b) refuse to issue the license for any reason for which he may suspend, revoke or refuse to renew any license under this act.