(a) When an application is filed under AS 06.55.102, the department shall investigate the applicant's financial condition and responsibility, financial and business experience, character, and general fitness. The department may conduct an on-site investigation of the applicant, the reasonable cost of which the applicant shall pay. The department shall issue a license to an applicant under AS 06.55.102 if the department finds that all of the following conditions have been fulfilled:

(1) the applicant has complied with AS 06.55.102, 06.55.104, and 06.55.107; and

(2) the financial condition and responsibility, financial and business experience, 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 money transmission license under AS 06.55.102 is complete, the department shall promptly notify the applicant in a record of the date on which the application was determined to be complete, and

(1) the department 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 money transmission license takes effect as of the first business day after expiration of the 120-day period.

(c) The department may for good cause extend the application period.

(d) An applicant whose application under AS 06.55.102 is denied by the department under AS 06.55.101 - 06.55.107 may appeal, within 30 days after receipt of the notice of the denial, and request a hearing.

(e) In this section, “money transmission license” does not include an approval under AS 06.55.103.