(a) An applicant for approval of a prepaid legal services program must show that:
(1) the program money held by the organization sponsoring the program is secure, as evidenced by a fidelity bond for the officers of the organization authorized to manage the money;
(2) the program complies with the Disciplinary Rules of Professional Conduct;
(3) a client may obtain the services from any lawyer the client chooses; and
(4) each client is given, before entering into the program, full written information concerning:
(A) the services offered by the program;
(B) the total annual cost of the program to an individual client; and
(C) the required compliance of the program with this subsection.
(b) If the board of directors determines that an organization's application complies with this section, the board of directors shall approve the application. If the board of directors determines that the application does not substantially comply with this section, the board of directors shall disapprove the application and provide the organization with written notice of the reasons for the disapproval.
(c) The board of directors shall approve or disapprove an application not later than the 60th day after the date the application is filed.