(1) A foreign depository institution may renew a certificate of authority, issued under Section 7-18a-202, to transact business in this state through an agency, branch, or representative office in a form prescribed by the commissioner.
(2) The application for renewal shall be submitted to the department no later than 60 days before the expiration of the certificate of authority.
(3) The certificate of authority may be renewed by the commissioner upon a determination, with or without examination, that the foreign depository institution:
(a) is in a safe and sound condition; and
(b) has complied with applicable provisions of the law.
(4) An application for renewal of certificate of authority shall be accompanied by the annual fee required by Subsection 7-1-401(5).