A financial institution that is certified as a universal bank under this chapter may elect to terminate its certification by giving 60 days’ prior written notice of the termination to the division. A termination under this section is effective only with the written approval of the division. A financial institution shall, as a precondition to termination under this section, terminate its exercise of all powers granted under this chapter before the termination of the certification. The division’s written approval of a financial institution’s termination under this section is void if the financial institution fails to satisfy the precondition to termination under this section.