The commissioner shall not approve an application for a branch office until the commissioner has ascertained to the commissioner’s satisfaction that the facts set forth in the application are true and:

1. (a) That the public convenience and advantage will be promoted by the establishment of the proposed branch office.
2. (b) That the industrial loan company has the capital required by this division.
3. (c) That the industrial loan company has established branch operational controls.
4. (d) That the financial condition of the industrial loan company justifies the establishment of the proposed branch office.

5. (e)

   1. (1) As to an industrial loan company transacting business before October 1, 1985, that the industrial loan company is a member of the Federal Deposit Insurance Corporation, or (2) as to an industrial loan company commencing business on or after October 1, 1985, that the industrial loan company is a member of the Federal Deposit Insurance Corporation.