The department shall, upon completion of its investigation and inspection but, in the absence of any agreement to the contrary between the applicant and the department, in any case not later than three (3) months from the receipt of the completed license application, or receipt of the effective statement of record filed with the secretary of housing and urban development and filed with the department pursuant to § 34-38-2(c), approve or disapprove the prospectus, property report, or offering statement submitted under § 34-38-2(c) or § 34-38-3, as the case may be, and shall, if satisfied that the sale of the properties would not be fraudulent nor result in fraud nor be against the public interest, issue to the applicant a license to advertise, offer, and dispose of in this state the subdivision or parcels, units, or other interests in any subdivision the subject of the application or the effective statement of record; the license shall be valid for one year from the date of issuance and thereafter within thirty (30) days of expiration may be renewed annually upon payment to the department of a fee of one hundred dollars ($100) in respect of each subdivision covered by the license, unless there is a material change affecting the subdivision or lot, parcels, units, or other interest in any subdivision or the offer or disposition thereof, in which case all new facts shall be reported to the department immediately. Upon receipt of the report or in the event that any material change is discovered by or comes to the attention of the department through other sources, the department may, after hearing pursuant to the Administrative Procedures Act, chapter 35 of Title 42, take such action as it considers necessary, including the suspension or revocation of the license if justified.