(1) Conditioned upon the applicant’s compliance with this chapter, the payment of the license fee and the filing of a bond or letter of credit on a form approved by the Attorney General, and in the absence of any reason or condition that in the judgment of the Director of the Department of Consumer and Business Services might warrant the refusal of the granting of a license, including the reasons set out in ORS 726.075, the director shall issue a license within 45 days after the date a complete application was received.
(2) If the application is denied, the director shall indorse on the application with the date the word “Disapproved” and shall immediately advise the applicant by registered mail or by certified mail with return receipt of the reason for the denial.