§ 4-35-5-7 — Transfer of license; commission approval; fees

Indiana § 4-35-5-7

• Jurisdiction: Indiana
• Art. 35: GAMBLING GAMES AT RACETRACKS
• Ch. 5: Gambling Game License

Text

(a) A licensee or any other person must apply for
and receive the commission's approval before:
(1) a gambling game 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 gambling game license.
(b) The commission shall adopt rules governing the procedure a
licensee 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 gambling game license must meet the criteria of this article
and comply with the rules adopted by the commission. A licensee may
transfer a gambling game license only in accordance with this article
and the rules adopted by the commission.
(c) A person may not:
(1) lease;
(2) hypothecate; or
(3) borrow or loan money against;
a gambling game license.
(d) Except as provided in subsection (e), a transfer fee is imposed
on an initial licensee who sells or otherwise relinquishes a controlling
interest, as determined under the rules of the commission, in a
gambling game license. The amount of the fee is fifty million dollars
($50,000,000).
(e) The fee imposed by subsection (d) does not apply if:
(1) the gambling game license is transferred as a result of an event
described in section 4(c) of this chapter; or
(2) the controlling interest in the gambling game license is
transferred in a transaction in which no gain or loss is recognized
as a result of the transaction in accordance with Section 351 of the
Internal Revenue Code.
(f) The transfer of a gambling game license by a person other than
the initial licensee to receive the gambling game license is not subject
to a transfer fee.

Legislative History

As added by P.L.233-2007, SEC.21.