An applicant for a permit to operate a taxicab business shall submit to the Commission an application on the form that the Commission provides. The Commission shall issue a permit if, after investigation, the Commission determines that issuing the permit would be best for the public welfare and convenience. In determining whether to issue a permit, the Commission shall consider all relevant factors including: the number of taxicabs to be used; the taxicab and other transportation services already available in the locality; and the rate to be charged. If it appears that a taxicab company is making an effort to mislead the public by imitating the name, design, or distinctive combination of colors of any taxicab already approved by the Commission, the Commission shall: reject the taxicab company’s application for a permit; or revoke or suspend the taxicab company’s existing permit.