1.  The Commissioner shall not approve an application for a branch office until he or she has ascertained to his or her satisfaction that the facts set forth in the application are true and:

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(a) That public convenience and advantage will be promoted by the establishment of the proposed branch office.

(b) That the licensee has the stockholders’ equity required by this chapter.

2.  The Commissioner must give his or her approval or denial for an application for a branch office to the licensee within 45 days after the date of application to open a branch office unless the Commissioner gives notice within the original 45-day period that he or she is extending the period for decision for a period not to exceed an additional 45 days.