INS §851: The commissioner shall examine such application, and shall make such further investigation of the applicant and its affairs as he deems advisable.

The commissioner shall examine such application, and shall make such further investigation of the applicant and its affairs as he deems advisable. He shall issue the certificate if, from such examination, the commissioner is satisfied that: (a) The business reputation of the applicant and, in the case of a firm or corporation, its officers or members, is good. (b) The sale of the securities proposed to be sold by it would not be unfair, unjust or inequitable to the purchasers thereof. (c) Neither it nor its officers or members have violated any of the provisions of this article. (d) Neither it nor its officers or members have engaged or are about to engage in any fraudulent transaction. Otherwise, he shall deny the application and notify the applicant of his decision. Where a hearing is held under this section the proceedings shall be conducted in accordance with Chapter 5 of Part 1 of Division 3 of Title 2 of the Government Code, and the commissioner shall have all the powers granted therein.