(a) The superintendent shall decide whether to approve an acquisition under this article within 60 days after receipt of a completed application; provided, that if the superintendent requests additional information from the applicant following receipt of a completed application, the time limit for decision by the superintendent shall be the later of:
- (1) The date set forth above in this subsection, or
- (2) Thirty days after the superintendent’s receipt of the requested additional information.
- (b) The superintendent may in his or her discretion hold a public hearing in connection with an application at any time within 20 days after receipt of the completed application if a significant issue of law or fact has been raised with respect to the proposed acquisition.
- (c) If the superintendent holds a public hearing in connection with an application, the time limit specified in subsection (a) shall be extended to 30 days after the conclusion of the public hearing.
- (d) An application shall be deemed approved if the superintendent takes no action on the application within the time limits specified in this section.
(Acts 1995, No. 95-115, p. 134, §7.)