(1) Within 60 days after the record, including the public hearing process, has been closed, the commissioner and the attorney general shall each issue a separate order to:
(a) approve the conversion transaction, with or without modifications; or
(b) disapprove the conversion transaction.
(2) If the commissioner and the attorney general do not both determine that the conversion transaction is approved, the conversion transaction is disapproved.
(3) Subject to subsection (4), the commissioner or the attorney general may, for cause, extend the time for making a determination for a 60-day period.
(4) The commissioner and the attorney general are limited to a maximum of two 60-day extensions for making a determination on the same application.