HERBERT R. O'CONOR, GOVERNOR. 1441

within twenty days after the publication of notice of receipt
of the application, set the matter down for formal hear-
ing. Such hearing shall be commenced within sixty days from
the date of the demand therefor or from the day of the order
of the Commissioner providing for such hearing on the Com-
missioner's own motion. In the event no request is made for
a formal hearing within the time herein above prescribed,
the right of such hearing shall be deemed to have been waived
and all interested parties shall be bound by the action of the
Commissioner in regard to the application. If no formal hear-
ing is held, the Commissioner shall grant or deny the applica-
tion for a license within sixty days from the filing thereof
with the required information and fees, unless the period is
extended by written agreement by and between the applicant
and the Commissioner; and if formal hearing is held, the
decision of the Commissioner must be rendered and his order
thereon filed with the department within thirty days after
completion of such formal hearing.

159. (Issuance of License. ) If the Commissioner shall find
that the financial responsibility, business experience, moral
character, and general fitness of the applicant are such as to
command the confidence of the public and to warrant belief
that the business will be operated lawfully, honestly, fairly,
and efficiently within the purposes of this sub-section, he shall
thereupon enter an order granting such application and file his
findings with the department and forthwith issue a license
to the applicant.

160. (Denial of License. ) If the Commissioner shall find
that the conditions and prerequisites to issuance of a license,
as defined in Section 159 of this sub-title, have not been met
and do not exist, he shall enter an order denying such appli-
cation. Such order shall be supported by the Commissioner's
written findings. Within ten days after the entry of the order,
a copy thereof and a copy of the findings shall be delivered to
the applicant. At such time, the applicant's license fee shall
be returned, but the investigation fee shall be retained by the
Department.

161. (Formal Hearings. ) A. In the event a formal hear-
ing upon an application for license is demanded or ordered,
as hereinabove provided, the Commissioner shall give notice of
such hearing to the applicant and each licensee having a place
of business in the city or county where the applicant pro-
poses to do business and to such other persons, associations,
and institutions as he may see fit, such notice to be mailed

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