1. If the Commissioner finds that the application is complete and the applicant otherwise qualifies under the provisions of NRS 689.150 to 689.375, inclusive, the Commissioner shall issue a seller’s certificate of authority to the applicant.
2. The Commissioner shall refuse to issue a seller’s certificate of authority to any applicant who does not comply with or otherwise meet the requirements of NRS 689.150 to 689.375, inclusive. Upon such refusal, the Commissioner shall give written notice thereof to the applicant, setting forth the reasons for the refusal.