1. (a) A request to establish a financial institution must be set forth in an application:

   1. (1) prescribed by the department; and
   2. (2) containing the information required by the department.

2. (b) Within twenty (20) business days after receiving an application under this section, the department shall:

   1. (1) accept the application for processing;
   2. (2) request additional information to complete the application; or
   3. (3) return the application if it is incomplete.

As added by P.L.42-1993, SEC.91. Amended by P.L.122-1994, SEC.111.