(1) Any state credit union may apply to the Commissioner of Banking and Consumer Finance for permission to establish a branch office. The application shall be in such a form as may be prescribed by the commissioner and shall be approved or denied by the commissioner within one hundred twenty (120) days of filing.
(2) The commissioner shall approve a branch application when all of the following criteria are met: The applicant has an examination rating of two (2) or higher;
(3) The applicant has capital ratios equal or exceeding the amount required by the insurer of deposit accounts;
(4) The applicant has no formal or informal enforcement actions outstanding; and
(5) The applicant has demonstrated that its members would be well served by the branch.
(6) If the commissioner denies the branch application, the branch applicant will have the right of a hearing as prescribed in Section 81-13-1 for those applicants denied a new credit union.