Section 71IAC12-1-16. Transfers of licenses

   A license issued under IC 4-31-5.5 is for the benefit of the license holder only and is applicable only to the location for which the license was issued. The license may not be sold or otherwise transferred and shall terminate upon a substantial change of ownership of the license holder, unless the commission has granted prior written approval of the substantial change. The sale, pledge, encumbrance, or other transfer of five percent (5%) or more of the equity securities or other ownership interest of a partnership, association, corporation, or other entity holding a license shall be considered a substantial change of ownership. Any request for approval of a substantial change of ownership shall contain, where applicable, the same information about the proposed transferee as is required to be furnished under section 4 of this rule. Upon receipt of all information required by the commission with regard to a proposed substantial change in ownership, the commission shall, within sixty (60) days, make a determination whether to authorize and approve the substantial change in ownership of a license holder. (Indiana Horse Racing Commission; 71 IAC 12-1-16; emergency rule filed Feb 10, 1994, 9:20 a.m.: 17 IR 1219; readopted filed Oct 30, 2001, 11:50 a.m.: 25 IR 899; readopted filed Mar 23, 2007, 11:31 a.m.: 20070404-IR-071070030RFA; readopted filed Nov 26, 2013, 11:25 a.m.: 20131225-IR-071130345RFA)