Section 4-35-5-7 - Transfer of license; commission approval; fees(a) A licensee or any other person must apply for and receive the commission's approval before:(1) a gambling game license is:(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: (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.As added by P.L. 233-2007, SEC.21.