(a) Upon review of the application for a branch office or agency and after a hearing on the branch application, if one is deemed necessary, the commissioner shall determine whether all of the following criteria are met:
- (1) The applicant’s policies, financial condition, and operations afford no basis for supervisory objection.
- (2) The proposed branch office or agency will be opened within a reasonable time after approval, as determined by the commissioner.
- (b) If the commissioner determines that the criteria set forth in subdivision (a) are met the application shall be approved.
- (c) If the commissioner determines that the criteria set forth in subdivision (a) are not met the application shall be denied.