Miss. Code § 75-67-217
When any application is filed for a license under the provisions of this article and the requisite fee is paid and the necessary bond furnished, the commissioner shall make an investigation for the purpose of determining whether or not the financial responsibility, previous experience, character and general fitness of the applicant (including the members thereof if the applicant is a firm, partnership or association, and the officers and directors thereof, if the applicant is a corporation) are such as to merit the respect and confidence of the community in which the business is to be operated and to warrant the belief that the business will be operated honestly, fairly, efficiently and in compliance with the provisions of the applicable laws of this state, and the regulations promulgated by the department. For applications both for original licenses and for renewal licenses, the commissioner shall make a determination either to approve or to disapprove the issuance of the license, and his determination shall be conveyed in writing to the applicant within sixty (60) days after the date the application is received by the commissioner. If such determination shall be in the affirmative, then the commissioner shall thereupon issue to the applicant a license, in such form as the commissioner may deem proper, for the operation of such business at the location stated in the application, which license shall be valid for a period of one (1) year. If the application is denied, the commissioner shall give written notice of the denial to the applicant, together with the reason or reasons for the denial. If the commissioner does not issue the license or give written disapproval of the issuance of the license within the required sixty-day period, the license shall be deemed approved and issued effective the next calendar day. In all cases where the proper application for a renewal license shall be filed, it shall be lawful for the applicant to operate his business while the application is pending before the commissioner and until the license has been issued or the application has been rejected, as provided in this section. No license under the Small Loan Privilege Tax Law shall be granted to a bank, savings bank, trust company, savings and loan association, building and loan association insurance company, credit union or pawnbroker.
Miss. Code § 75-67-217