(a) When the departmental investigation pursuant to § 23-46-205 or § 23-48-304 is closed and the application fees have been paid, an application filed pursuant to § 23-46-403 shall be referred to the State Banking Board for consideration by it and the Bank Commissioner at a public hearing.
(b) Notice of the time, place, and purpose of the meeting shall be given at least thirty (30) days before the hearing as follows:
(1) By letter from the commissioner to the sponsors of the application and to any protestant that has filed an official written protest to the application; and
(2) By release to news media.
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