When an applicant for a license files the application and pays the fees required by § 11–404 of this subtitle, the Commissioner shall investigate the facts relevant to the application to determine if the applicant meets the requirements of this subtitle. The Commissioner shall approve or deny each application for a license within 60 days after the date on which the complete application is filed and the fees are paid. The Commissioner shall issue a license to any applicant who meets the requirements of this subtitle. If the Commissioner denies an application, the Commissioner shall: Notify the applicant of the denial; Refund the license fee to the applicant; and Keep the investigation fee and any charges collected under § 11–406 of this subtitle. Within 20 days after the Commissioner denies an application, the Commissioner shall send a written notice to the applicant stating the reasons for the denial. The notice shall be sent by United States mail, e–mail, or any means provided through NMLS to the address listed on the application.