1. If any credit union neglects for thirty days to make the required reports or to pay the required charges, including charges for delay in filing reports, the director shall notify such credit union of his or her intention to revoke its certificate of approval.
2. If such neglect or failure continues for an additional fifteen days, the director may revoke the certificate of approval of such credit union.
3. Whenever the director revokes the certificate of approval of any credit union, he or she shall file notice of such revocation with the secretary of state.