(1) Within 60 days after the record, including the public hearing process, has been closed, the commissioner and the attorney general shall each issue a separate order to:
- (a) approve the conversion transaction, with or without modifications; or
- (b) disapprove the conversion transaction.
- (2) If the commissioner and the attorney general do not both determine that the conversion transaction is approved, the conversion transaction is disapproved.
- (3) Subject to subsection (4), the commissioner or the attorney general may, for cause, extend the time for making a determination for a 60-day period.
- (4) The commissioner and the attorney general are limited to a maximum of two 60-day extensions for making a determination on the same application.
History: En. Sec. 11, Ch. 214, L. 2005.