After a review of information regarding the directors, officers and controlling persons of the applicant for a license, a review of the applicant’s business plan, including at least three years of detailed financial projections and other information considered relevant by the division, the division may approve an application for a license if the division determines that all of the following conditions are met:

   (1)   The applicant has at least $500,000 in capital and the amount of capital is adequate for the applicant to transact business as a nondepository lender.

   (2)   Each director, officer and person in control of the applicant is of good character and sound financial standing; the directors and officers of the applicant are competent to perform their functions with respect to the applicant and the directors and officers of the applicant are collectively adequate to manage the business of the applicant as a nondepository lender.

   (3)   The business plan of the applicant will be honestly and efficiently conducted in accordance with the intent and purpose of this subchapter.

   (4)   The proposed activity of the applicant possesses a reasonable prospect for success.

   (5)   The applicant has paid to the division the application fee prescribed by the division, together with the actual cost incurred by the division in investigating the application.