1. If the Commission, upon review and consideration of a person required to be licensed or of an application for a license to operate, or the Administrator, upon review and consideration of an application for an agent’s permit, for renewal of a license or agent’s permit or for authorization to employ agents, determines that the applicant fails to meet the criteria for granting the application, the Administrator shall notify the applicant by certified mail, setting forth the reasons for the denial of the application.
2. The Administrator 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 Administrator reasonably believes that the applicant can correct the deficiencies within the extension period.
3. If the Administrator denies an application for an agent’s permit, or an application for renewal, the Administrator shall notify the institution the agent represented or sought to represent, setting forth the reasons for the denial.