§ 89-eee. Conditions precedent to licensing. Upon filing of an application for a license, if the secretary shall be satisfied that the good character, competency and integrity of the applicant, and of the principals and officers thereof, are such as to comply with the provisions of this article, he or she shall thereupon issue a license to operate as an armored car carrier in accordance with the provisions of this article. Such license shall remain in full force and effect for a period of three years unless it is surrendered by the licensee or revoked or suspended as hereinafter provided; if the secretary shall not so find, the secretary shall not issue such license and the secretary shall notify the applicant of the denial in writing. The secretary shall approve or deny every application for license hereunder within ninety days from the filing thereof. No license shall be issued to an applicant who has been convicted of a serious offense, or of a misdemeanor, where such conviction, in the discretion of the secretary, bears such a relationship to providing armored car services so as to constitute a bar to licensure.