DENIAL OF APPLICATION

(a) The commissioner by order shall deny an application unless the applicant establishes that: (1) the acquisition would not: (A) substantially lessen competition; (B) restrain trade in a manner that would result in a monopoly; or (C) further a combination or conspiracy to monopolize or attempt to monopolize the savings and loan industry in any part of this state; (2) the financial condition of an acquiring party would not jeopardize the financial stability of the association being acquired; (3) the plan or proposal to liquidate or sell the association or any assets is in the best interest of the association; (4) the experience, ability, standing, competence, trustworthiness, and integrity of the applicant are sufficient to ensure that the acquisition is in the best interest of the association; and (5) the association would be solvent, have adequate capital structure, and be in compliance with the laws of this state. (b) The commissioner is not required to deny an application that fails to comply with Subsection (a)(1) if the commissioner determines that: (1) the anticompetitive effects of the acquisition are clearly outweighed in the public interest by the probable effect of the acquisition in meeting the convenience and needs of the community to be served; and (2) the acquisition does not violate a law of this state or the United States. (c) Notwithstanding Subsections (a) and (b), the commissioner shall issue an order denying an application if the commissioner determines that the applicant: (1) has failed to furnish all of the information pertinent to the application reasonably requested by the commissioner; or (2) is not acting in good faith. (d) If the commissioner does not deny an application before the 61st day after the date the application is filed, the acquisition may be consummated. The acquisition may be consummated before the expiration of the 60-day period if the commissioner notifies the applicant in writing that the application will not be denied. (e) An agreement entered into by the applicant and the commissioner as a condition that the application will not be denied is enforceable against the association and is considered an agreement under this subtitle.