The department may refuse to issue a license to an applicant if the department determines that:
(1) the financial responsibility, experience, character, or general fitness of the applicant or any person associated with the applicant does not command the confidence of the community and does not warrant the belief that the applicant will engage in the business of insurance premium financing honestly, fairly, and efficiently; or
(2) the applicant does not have available for the operation of the business net assets of at least $25,000.