(a) No original taxicab license shall be issued until at least 20 days after the filing of the application therefor. Each application shall be referred to the Director of Finance, immediately upon being made. The Director shall immediately appoint a date, not sooner than ten days and not later than 15 days thereafter, when he or she will publicly hear such application. The Director shall cause notice of such hearing to be published in a daily newspaper to the Director of Finance at least five days in advance of such hearing. At such hearing, the Director shall hear, from the applicant and from other persons who may appear, information and argument as to the need or desirability of issuing such taxicab license, in respect of the public convenience and necessity. From such information and argument and from such additional information as he or she may have or obtain, the Director shall determine whether or not the public convenience and necessity require the issuance of the license applied for.
(b) If the Director determines that the public convenience and necessity can best be served by only one licensee, then he or she shall authorize the issuance of an exclusive license to that applicant. An exclusive license shall be valid for a maximum of five years or for so long as the licensee fully satisfies the public need and convenience.