The deputy director may deny an application on listed grounds and may approve it with conditions.
6-1107 - Denial of application; grounds 6-1107 . Denial of application; grounds A. The deputy director may deny an application if the deputy director finds any of the following: 1. The financial condition of the financial institution holding company that would acquire control will jeopardize the financial stability of the financial institution or controlling person or prejudice the interests of the depositors, beneficiaries, creditors and shareholders of the financial institution or controlling person. 2. A plan or proposal to liquidate or consolidate the financial institution or controlling person or to make any other major change in the business, corporate structure or management of the financial institution or controlling person is not fair and reasonable to the depositors, beneficiaries, creditors and shareholders of the financial institution or controlling person. 3. The applicant has neglected, failed or refused to furnish to the deputy director any required information. 4. The proposed acquisition is contrary to law. 5. The acquisition would result in a monopoly or would be in furtherance of any combination or any conspiracy to monopolize or to attempt to monopolize the business of financial institutions and financial institution holding companies. 6. The effect of the proposed acquisition will be to substantially lessen competition, tend to create a monopoly or in any other manner be a restraint of trade, unless the deputy director finds that the effects of the proposed acquisition are clearly outweighed by its probable effect in meeting the convenience and needs of the community to be served and by the public interest. 7. The applicant has made a material false statement on the application. B. The deputy director shall give the applicant written notification of the granting or denial of an application together with a statement in support of the decision. If the deputy director, based on the information available at the time, plans to deny the application and no hearing has been held in accordance with title 41, chapter 6, article 10, the deputy director shall send the applicant a written statement that specifies the reasons for the tentative denial. The applicant shall have fifteen days following the date of this statement within which to file a written request to amend its application. On the filing of the request, the applicant shall be given thirty days in which to amend its application. C. The deputy director may approve an application subject to conditions the deputy director considers necessary and appropriate to protect the public interest and carry out the purposes of this title. The deputy director shall give the applicant written notification of the approval of an application that is subject to conditions together with a statement in support of the decision.