If the commissioner finds, with respect to an application for a license: (a) That the applicant has adequate shareholders` equity to engage in the business of selling payment instruments issued by it and that the financial condition of the applicant is otherwise such that it will be safe and sound for the applicant to engage in the business of selling payment instruments issued by it; (b) That the applicant, the directors, officers, and controlling persons of the applicant, and the directors and officers of the controlling persons of the applicant are each of good character and sound financial standing; (c) That the applicant is competent to engage in the business of selling payment instruments issued by it; (d) That the applicant`s plan for engaging in the business of selling payment instruments issued by it affords reasonable promise of successful operation; and (e) That it is reasonable to believe that the applicant, if licensed, will engage in the business of selling payment instruments issued by it and will comply with all applicable provisions of this division and of any regulation or order issued under this division: The commissioner shall approve the application. If, after notice and a hearing, the commissioner finds otherwise, the commissioner shall deny the application.
