(1) Without the prior approval of the commissioner, a person shall not acquire control of a licensee.

    (2) With respect to an application for approval to acquire control of a licensee, if the commissioner determines, that the applicant and the directors, officers, and managers of the applicant are of good character and sound financial standing, that it is reasonable to believe that, if the applicant acquires control of the licensee, the applicant will comply with this act, and that the applicant's plans, if any, 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, the commissioner shall approve the application. If, after notice and a hearing, the commissioner determines otherwise, the commissioner shall deny the application.

    (3) For purposes of subsection (2), the commissioner may determine any of the following:

    (a) That an applicant or a director, officer, or manager of an applicant is not of good character if that person has been convicted of, or has pleaded nolo contendere to, a crime involving fraud or dishonesty.

    (b) That an applicant's plan to make a major change in the management of a licensee is detrimental to the safety and soundness of the licensee if the plan provides for a person to become a director, officer, or manager of the licensee and that person has been convicted of, or has pleaded nolo contendere to, a crime involving fraud or dishonesty.

    (4) The conditions described in subsection (3) are not the only conditions upon which the commissioner may determine that an applicant or a director, officer, or manager of an applicant is not of good character or that an applicant's plan to make a major change in the management of a licensee is detrimental to the safety and soundness of the licensee.

    (1) A licensee shall not merge with another business firm unless 1 of the following applies:

    (a) If the licensee is the surviving business firm, the merger is approved by the commissioner.

    (b) If the licensee is a disappearing business firm, the surviving business firm is a licensee and the merger is approved by the commissioner.

    (2) A licensee shall not purchase all or substantially all of the business of another person unless the purchase is approved by the commissioner.

    (3) A licensee shall not sell all or substantially all of its business or of the business of any of its offices to another person unless that other person is a licensee and the sale is approved by the commissioner.

    (4) The commissioner shall approve an application for approval of a merger, purchase, or sale, if the commissioner determines all of the following:

    (a) That the merger, purchase, or sale will be safe and sound with respect to the acquiring licensee.

    (b) That, upon consummation of the merger, purchase, or sale, it is reasonable to believe that the acquiring licensee will comply with this act.

    (c) That the merger, purchase, or sale will not have a major detrimental impact on competition in providing financial assistance or management assistance to business firms, or if there will be a detrimental impact, the merger, purchase, or sale is necessary in the interests of the safety and soundness of any of the parties to the merger, purchase, or sale, or is otherwise, on balance, in the public interest.