Within 60 days after an applicant submits a complete application for a license and pays the fees required by § 7–302 of this subtitle, the Board shall approve or deny the application. To qualify for a license, an applicant shall satisfy the Board that the applicant is of good moral character and has sufficient financial responsibility, business experience, and general fitness to: engage in business as a collection agency; warrant the belief that the business will be conducted lawfully, honestly, fairly, and efficiently; and command the confidence of the public. The Board may deny an application for a license to any person who: has committed any act that would be a ground for reprimand, suspension, or revocation of a license under this subtitle; or otherwise fails to meet the requirements for licensure. If an applicant does not meet the requirements of this subtitle, the Board shall: deny the application; and immediately notify the applicant of the denial. The denial of an application under this section is subject to the hearing provisions of § 7–309 of this subtitle. An applicant who seeks a hearing on a license application denial shall file a written request for a hearing within 45 days following receipt of the notice to the applicant of the applicant’s right to a hearing.