(a) The department shall approve an application to acquire control of a licensee under AS 10.13.400 if the department determines that
(1) the applicant and the directors and officers of the applicant are of good character and sound financial standing;
(2) it is reasonable to believe that the applicant will comply with this chapter; and
(3) the plans, if any, of the applicant to make a major change in the business, corporate structure, or management of the licensee are not detrimental to the safety and soundness of the licensee.
(b) If, after notice and a hearing, the department determines that the criteria for approval in (a) of this section have not been satisfied, the department shall deny the application.