A. The director shall approve or disapprove an application for acquisition pursuant to the Interstate Bank Acquisition Act within ninety days after receipt of a completed application unless the director requests additional information from the applicant following receipt of a completed application in which case the time limit for decision by the director is the later of:
- (1) the date set forth in this subsection; or
- (2) thirty days after the director's receipt of the requested additional information.
- B. The director may hold a public hearing in connection with an application if a significant issue of law or fact has been raised with respect to the proposed acquisition.
- C. If the director holds a public hearing in connection with an application, the time limit specified in Subsection A of this section shall be extended to thirty days after the conclusion of the public hearing.
- D. An application is deemed approved if the director takes no action on the application within the time limits specified in this section.
History: Laws 1996, ch. 2, § 7.