Upon the filing of an application and the payment of the license fee the commissioner shall make an investigation of each applicant and shall issue a license if he finds that the person to be licensed: (a) Is competent and trustworthy and intends to act in good faith in the capacity involved by the license applied for,

1. (b) 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 for, and
2. (c) if a corporation, is a corporation incorporated under the laws of this state or a foreign corporation authorized to transact business in this state.

L. 1968, ch. 287, § 5; July 1.