When an application for acquisition of control under § 51A-17-72 appears to include all the items and address all of the matters that are required, the application shall be considered complete and the director shall promptly notify the applicant in a record of the date on which the application was determined to be complete and:
(1) The director shall approve or deny the application within sixty days after the completion date; or
(2) If the application is not approved or denied within sixty days after the completion date:
(a) The application is approved; and
(b) The person, or group of persons acting in concert, are not prohibited from acquiring control.
(3) The director may for good cause extend the application period.