The Commissioner of Financial Regulation may schedule a hearing on the application in the following instances: Upon a request made within the time limit set forth in Regulation .05 of this chapter by a person or organization other than the applicant, unless the Commissioner of Financial Regulation finds that the objections raised to the application are frivolous and insubstantial; Upon specific request of the applicant in the application; or If he deems a hearing helpful in obtaining additional information.