(a) When an application is filed under this subchapter, the Director shall investigate the applicant's financial condition and responsibility, financial and business experience, character, and general fitness. The Director may conduct an on-site investigation of the applicant, the reasonable cost of which the applicant must pay. The Director shall issue a license to an applicant under this subchapter if the Director finds that all of the following conditions have been fulfilled:
(1) the applicant has complied with sections 512, 513, and 516; and
(2) the financial condition and responsibility, financial and business experience, competence, 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 money transmission;
(b) When an application for an original license under this subchapter is complete, the Director shall promptly notify the applicant in a record of the date on which the application was determined to be complete and:
(1) the Director shall approve or deny the application within 120 days after that date; or
(2) if the application is not approved or denied within 120 days after that date:
(A) the application is approved; and
(B) the license under this subchapter, takes effect as of the first business day after expiration of the period.
(c) The Director may for good cause extend the application period.
(d) An applicant whose application is denied by the Director under this subchapter may appeal, within 30 days after receipt of the notice of the denial, and request a hearing.