(1) Upon the filing of an application and the payment of the nonrefundable supervision fee, as provided in § 45-1-118(i), the commissioner shall make an investigation of each applicant and shall issue a license if the applicant is qualified in accordance with this chapter. If the commissioner does not so find, the commissioner shall, at the request of the applicant, give the applicant a full hearing in accordance with the Uniform Administrative Procedures Act, compiled in title 4, chapter 5.
(2) The commissioner shall issue or renew a license, as may be applied for, when the commissioner is satisfied that the person to be licensed: Is competent and trustworthy and intends to act in good faith in the capacity involved by the license for which the person applied;
(3) Has a good business reputation and has had experience, training or education so as to be qualified in the business for which the license is required; and
(4) If a corporation, is a corporation incorporated under the laws of this state or a foreign corporation authorized to transact business in this state.