(a) Time for issuance.--The department shall decide whether to issue a license to an applicant within 60 days of receiving the applicant's completed application. The department may extend the time period for 30 days and shall notify the applicant of the extended time period, including a final decision date, in writing.

(b) Investigation.--Upon receipt of a completed application, the department may conduct an investigation of the applicant, including its owners, officers, directors, principals or agents, in order to decide whether to issue the license.

(b.1) Covered license.--A license under this chapter shall be deemed to be a covered license within the meaning of section 405 of the act of May 15, 1933 (P.L. 565, No. 111),¹ known as the Department of Banking and Securities Code. The department shall notify a licensee if a covered individual within the meaning of section 405 of the Department of Banking and Securities Code that is or will be employed or contracted by the licensee has criminal background that renders the individual unfit for the debt settlement services business.

(c) Appeal of denial.--If the department refuses to issue a license, it shall notify the applicant in writing that the license has been denied, including the reason for the denial and that the applicant has the right to appeal the denial to the commission within 30 days.

(d) Duration.--A license shall be issued for a period not to exceed 14 months on a schedule determined by the department, except that, if a license is issued prior to the beginning of a licensing year, the license shall only be valid until the end of that licensing year, at which time it may be renewed subject to this act. If a license is denied, canceled, surrendered, revoked or suspended, no part of the license fee or license renewal fee shall be subject to rebate.

(f) Conditional licenses.--The department may impose conditions on the issuance of a license under this act. If the department determines that conditions imposed upon a license have not been fulfilled, the department may take action authorized under this act against the licensee. For applicants, the department may issue licenses effective immediately upon receipt of an application, which shall be conditional licenses issued under this subsection.

(g) Transitional license.--A person that is providing debt settlement services before the effective date of this section and that seeks to continue providing the services after the effective date of this section shall submit a completed application for a license under this act within 30 days of the effective date of this section. The applicant may continue to provide debt settlement services, according to this act, while the department processes the completed application for licensure.