Section 3. Each application for a license to engage in the business of a premium finance agency shall be in writing and in the form prescribed by the commissioner, and shall be accompanied by an investigation fee to be determined annually by the commissioner of administration under the provision of section three B of the chapter seven.

The commissioner shall, within ninety days after receipt of any such application, notify the applicant (1) that such license has been approved and will be issued upon payment of the appropriate license fee or (2) that his application for such license has been denied. The commissioner may refuse to issue a license if he finds that the financial responsibility, experience, character and general fitness of the applicant or any person associated with the applicant are not such as to command the confidence of the community and to warrant the belief that the business will be conducted honestly, fairly and efficiently.

Upon receipt of the license fee the commissioner shall execute the license to engage in the business of a premium finance agency at the location specified in the application and shall transmit said license to the applicant.

The refusal of the commissioner to issue a license shall not entitle the applicant to a return of any part of the investigation fee which accompanied his application.

The fee for each license shall be determined annually by the commissioner of administration under the provision of section three B of chapter seven except as provided in section eleven. Each license shall be issued for the calendar year and shall remain in full force and effect until the thirty-first day of December unless suspended, revoked or surrendered as provided in section five.