A.  After receipt of an application for a license, the board shall conduct an investigation to determine whether the facts set forth in the application are true.  

B.  Within sixty days after receipt of an application, the board shall either issue a license to the applicant or notify him of a denial of the license application.  

C.  If the board requires additional information from the applicant to complete its investigation or otherwise to satisfy the requirements of this Chapter, or if the applicant has not submitted all required information, the sixty-day period for action by the board shall commence when the board has received all such information.  

D.  The board shall deny the application for a license if it finds that the applicant, or the qualifying agent, or any of the applicant’s owners, partners, or principal corporate officers have committed any of the following:

(1)  Violated any of the provisions of this Chapter or the rules and regulations promulgated by the board.  

(2)  Practiced fraud, deceit, or misrepresentation.  

(3)  Knowingly made a material misstatement in the application for a license.  

(4)  Failed to meet the qualifications of this Chapter.  

(5)  Been convicted of a felony.  

E.  The board may refuse to issue a license for good cause shown.

Acts 1992, No. 245, §2.