I. When an application for an original license under this chapter appears to include all the items and addresses all of the matters that are required, the application is complete and the commissioner shall promptly notify the applicant in a record of the date on which the application is determined to be complete, and:
(a) The commissioner shall approve or deny the application within 120 days after the completion date; or
(b) If the application is not approved or denied within 120 days after the completion date, the application is approved and the license takes effect as of the first business day after expiration of the 120-day period.
II. The commissioner may extend the time period for review provided for in paragraph I upon written agreement of the applicant.