Sec. 3. (a) A permit reverts to the commission if: (1) a term of deposit under section 2(a) of this chapter expires without the commission approving an extension of the term; and (2) the permit is not active. (b) In addition to the notice provided under IC 7.1-3-1-3 , at least ninety (90) days before the date that a term of deposit expires, the commission shall provide written notice to the permit holder of the date that: (1) the term of deposit expires; and (2) the permit will revert to the commission if: (A) the permit is not active; or (B) an extension of the term of deposit has not been approved by the commission.
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