Sec. 7. (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.
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