(a) Except as provided in this section, no person may acquire directly or indirectly 25% or more of the voting shares of a corporation or 25% of the ownership of any other entity licensed to conduct business under this chapter unless such person first:
(1) files an application with the Banking Board in such form as the Banking Board may prescribe from time to time;
(2) delivers such other information to the Banking Board as it may require concerning the financial responsibility, background, experience, and activities of the applicant, its directors, officers, principals, and members, and of any proposed new directors, officers, principals, or members of the licensee; and
(3) pays such application fee as the Banking Board may prescribe.
(b) Upon the filing and investigation of an application, the Banking Board shall permit the applicant to acquire the interest in the licensee if it finds that the applicant, its members, if applicable, its directors, officers, and principals and any proposed new directors, members, officers, and principals have the financial responsibility, character, reputation, experience and general fitness to warrant the belief that the business will be operated efficiently and fairly, in the public interest, and in accordance with the law. The Banking Board shall grant or deny the application within 60 days after the date a completed application, accompanied by the required fee, is filed unless the period is extended by order of the Banking Board reciting the reasons for the extension. If the application is denied, the Banking Board shall notify the applicant of the denial and the reasons for the denial.
(c) The provisions of this section do not apply to:
(1) the acquisition of an interest in a licensee directly or indirectly, including an acquisition by merger or consolidation, by or with a person licensed by this chapter or a person exempt from this chapter;
(2) the acquisition of an interest in a licensee directly or indirectly, including an acquisition by merger or consolidation, by or with a person affiliated through common ownership with the licensee; or
(3) the acquisition of an interest in a licensee by a person by bequest, descent, survivorship, or operation of law.
(d) the person acquiring an interest in a licensee in a transaction which is exempt from filing an application pursuant to subsection (c) of this section shall send written notice to the Banking Board of such acquisition within 10 days after the closing of such acquisition.