1. If the Board, upon review and consideration of an application for a license or for an agent’s permit, or a renewal of a license or agent’s permit, determines that the applicant fails to meet the criteria for granting the application, the Superintendent shall notify the applicant by certified mail setting forth the reasons for the denial of the application.
2. The Superintendent may grant to an applicant for renewal an extension of time to eliminate the reasons recited in the denial letter if:
(a) The applicant has demonstrated his or her desire to meet the criteria; and
(b) The Superintendent reasonably believes that the applicant can correct the deficiencies within the extension period.
3. If the Board denies an application for an agent’s permit, or an application for renewal, the Superintendent shall notify the institution which the agent represented or sought to represent, setting forth the reasons for the denial.