(a) Upon the filing of an application and payment of the investigation fee specified in AS 06.40.050(b), the commissioner shall conduct an investigation of an applicant and shall issue a premium finance company license if the applicant meets the requirements of this chapter. If the commissioner does not so find, the commissioner shall, within 30 days after receipt of the application, at the request of the applicant, give the applicant a full hearing.
(b) The commissioner shall issue a license to an applicant when the commissioner is satisfied that the applicant
(1) is competent and trustworthy and intends to act in good faith in the capacity involved by the license applied for;
(2) 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 applied; and
(3) if a corporation, is a corporation incorporated under the laws of this state or a foreign corporation authorized to transact business in this state.
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