A. No later than the ninety-first day after the date that an application for the designation of a banking development district is submitted, the commissioner shall make a determination regarding whether to approve the application.
B. If the commissioner approves the application, the commissioner shall notify:
(1) The local government requesting the district.
(2) Any financial institution which will be located in the district.
(3) The secretary of Louisiana Economic Development.
(4) The treasurer of the state of Louisiana.