{"data":{"id":"us-in/ic-4-35-5-7","jurisdiction":"us-in","citation":"IC 4-35-5-7","heading":"Transfer of license; commission approval; fees","body":"Sec. 7. (a) A licensee or any other person must apply for and receive the commission's approval before:\n(1) a gambling game license is:\n(A) transferred;\n(B) sold; or\n(C) purchased; or\n(2) a voting trust agreement or other similar agreement is established with respect to the gambling game license.\n(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.\n(c) A person may not:\n(1) lease;\n(2) hypothecate; or\n(3) borrow or loan money against;\na gambling game license.\n(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).\n(e) The fee imposed by subsection (d) does not apply if:\n(1) the gambling game license is transferred as a result of an event described in section 4(c) of this chapter; or\n(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.\n(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.","path":["TITLE 4. STATE OFFICES AND ADMINISTRATION","ARTICLE 35. GAMBLING GAMES AT RACETRACKS","Chapter 5. Gambling Game License"],"source_url":"https://iga.in.gov/ic/2026/Title_4.html#4-35-5-7","current_through":"2026","vintage":"2026","retrieved_at":"2026-08-30T06:26:00Z","sha256":"31df327e951bda0f66dc351d263f38f8789ed706cd4ec8f02caa68fd120887e2","source_id":"us-in","stale":false,"prev":"us-in/ic-4-35-5-6","next":"us-in/ic-4-35-5-8"},"notice":"GroundRules: Original legal text. Not legal advice."}