When an applicant for a license files the application and bond and pays the fees required by § 11-507 of this subtitle, the Commissioner shall investigate to determine if the applicant meets the requirements of § 11-506 of this subtitle. The Commissioner shall approve or deny each application for a license within 60 days after the date when the application and bond are filed and the fees are paid. The Commissioner shall issue a license to any applicant who meets the requirements of this subtitle.