Within a reasonable time after the application is accepted by the department for processing, but not more than one hundred twenty (120) days from the later of:

1. (1) the date on which the application is accepted by the department; or

2. (2) the date on which the hearing is held, if a hearing is held;

   the department shall either approve or disapprove the application.

As added by P.L.42-1993, SEC.91. Amended by P.L.122-1994, SEC.115.