Section 46D. Upon the receipt of an application for such license, the commissioner shall cause the name and address of the applicant, the name under which the employment agency is to be conducted, and the street and number of the place where it is to be conducted, to be posted in a conspicuous place in his office. The commissioner shall within one week cause to be inserted in a newspaper of general circulation in the city or town in which the agency will be located notice of such application stating the time and place for a hearing on such application. Notice thereof by mail shall be given to each licensed employment agency in the city or town in which the applicant's office is to be located or in any city or town contiguous thereto. The commissioner shall investigate or cause to be investigated the character and responsibility of the applicant and shall examine or cause to be examined the place in which the applicant proposes to conduct such agency. Within one week after such application is so posted, published and notice thereof sent, any person may file a written protest against the issuance of such license, which protest shall be signed by the person filing the same or his authorized agent or attorney, and shall state the reasons why the said license should not be issued. The commissioner shall appoint a time and place for a hearing of such application, and shall give at least five days' notice thereof to the applicant and to any person filing such protest. The commissioner may administer oaths, subpoena witnesses and take testimony in respect to the matters contained in such application and protest and may receive evidence in the form of affidavits pertaining to such matters. If after such investigation, examination or hearing the commissioner finds the applicant is not a person of good character or responsibility; that he or the individual who will actually direct and operate the placement activities of the employment agency has not had at least two years' experience as a placement employee, or as a person engaged in personnel management, or in related activities which similarly tend to establish the competence of such individual to operate the placement activities of the agency; that the individual who will actually direct and operate the agency does not have a knowledge and understanding of the provisions contained in sections forty-six A to forty-six R, inclusive; or that the place where the employment agency is to be conducted is not suitable therefor; or that the applicant has not complied with the provisions of section forty-six C, the said application shall be denied and a license shall not be granted. Each application shall be granted or denied within forty days from the date of its filing. Any license issued hereunder by the commissioner shall be in full force and effect until one year following the date thereof, unless sooner revoked or suspended. Each license shall be renewed upon payment of the annual license fee and posting of the penal bond. No license shall be issued by the commissioner if the place in which the business of the employment agency is to be conducted is a room used for living purposes or where boarders or lodgers are kept or where meals are served or where persons sleep or in connection with a building or premises where intoxicating liquors are sold to be consumed on the premises, excepting cafes and restaurants in office buildings.