§ 422. Conditions precedent to licensing. Upon filing of an application for a license, if the secretary shall be satisfied of 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 in duplicate to operate as a coin processor in accordance with the provisions of this article. The secretary shall transmit one copy of such license to the licensee and file another in the office of the department. Such license shall remain in full force and effect for a period of two 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.
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