(a) When an application for a currency exchange license is filed under AS 06.55.201 — 06.55.204, the department shall investigate the applicant's financial condition and responsibility, financial and business experience, character, and general fitness. The department may conduct an on-site investigation of the applicant, the reasonable cost of which the applicant shall pay. The department shall issue a currency exchange license to an applicant under AS 06.55.201 — 06.55.204 if the department finds that all of the following conditions have been fulfilled:

1. (1) the applicant has complied with AS 06.55.202; and
2. (2) the financial condition and responsibility, financial and business experience, character, and general fitness of the applicant, and the competence, experience, character, and general fitness of the executive officers, managers, directors, and persons in control of the applicant indicate that it is in the interest of the public to permit the applicant to engage in currency exchange.

(b) When an application for an original currency exchange license under AS 06.55.201 — 06.55.204 is complete, the department shall promptly notify the applicant in a record of the date on which the application was determined to be complete, and

1. (1) the department shall approve or deny the application within 120 days after that date; or

2. (2) if the application is not approved or denied within 120 days after that date,

   1. (A) the application is approved; and
   2. (B) the department shall issue the currency exchange license under AS 06.55.201 — 06.55.204 to take effect as of the first business day after expiration of the period.