A licensee adding or replacing any key individual shall: Provide notice in a manner prescribed by the Commissioner as soon as reasonably practicable, but in no event later than 15 days after the effective date of the key individual’s appointment; and Provide information as required by Regulation .06 of this chapter within 30 days of the date on which the notice was provided pursuant to this regulation. Within 90 days of the date on which the notice provided pursuant to this regulation was determined to be complete, the Commissioner may issue a notice of disapproval of a key individual if the competence, experience, character, or integrity of the individual would not be in the best interests of the public or the customers of the licensee to permit the individual to be a key individual of that licensee. A notice of disapproval shall contain a statement of the basis for disapproval and shall be sent to the licensee and the disapproved individual. A licensee receiving a notice of disapproval under this regulation may request a hearing within 30 days after receipt of the written notice of the disapproval pursuant to State Government Article, §10-207, Annotated Code of Maryland. If the notice provided pursuant to this regulation is not disapproved within 90 days after the date on which the notice was determined to be complete, the key individual is considered approved.