§ 4-33-4-21 — Licenses; transfer, sale, purchase, or voting trust; rules of procedure; prohibitions

Indiana § 4-33-4-21

• Jurisdiction: Indiana
• Art. 33: RIVERBOAT GAMBLING
• Ch. 4: Powers and Duties of Indiana Gaming Commission

Text

(a) A licensed owner or any other person must
apply for and receive the commission's approval before:
(1) an owner's license is:
(A) transferred;
(B) sold; or
(C) purchased; or
(2) a voting trust agreement or other similar agreement is
established with respect to the owner's license.
(b) Subject to section 24 of this chapter, the commission shall adopt
rules governing the procedure a licensed owner or other person must
follow to take an action under subsection (a). The rules must specify
that a person who obtains an ownership interest in a license must meet
the criteria of this article and any rules adopted by the commission. A
licensed owner may transfer an owner's license only in accordance with
this article and rules adopted by the commission.
(c) A licensed owner or any other person may not:
(1) lease;
(2) hypothecate; or
(3) borrow or loan money against;
an owner's license.
(d) A transfer fee is imposed on a licensed owner who purchases or
otherwise acquires a controlling interest, as determined under the rules
of the commission, in a second owner's license. The fee is equal to two
million dollars ($2,000,000). The commission shall collect and deposit
a fee imposed under this subsection in the state general fund.

Legislative History

As added by P.L.20-1995, SEC.7. Amended by P.L.224-2003, SEC.42; P.L.182-2009(ss), SEC.59.