Subd. 1. Investigation and hearing.

Upon the filing of an initial application and the payment of the license fee, the commissioner shall make an investigation of each applicant. If a license has not been issued within 30 days after receipt of the application the commissioner shall, at the request of the applicant, give the applicant a full hearing.

Subd. 2. License issued.

The commissioner shall issue or renew a license when satisfied that the person to be licensed:

1. (a) is competent and trustworthy and intends to act in good faith in the financing of insurance premiums;
2. (b) has a good business reputation and has had experience, training or education so as to be qualified in financing insurance premiums; and
3. (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.