(b) The application for transfer or lease must be accompanied by:

1. (1) The name and address or location of the principal office or place of business of each of the applicants;

2. (2)

   1. (A) A full and complete financial statement giving detailed information concerning the financial condition of the transferee.
   2. (B) If the transferee is a partnership, a complete financial statement giving detailed information concerning the financial condition of each of the partners.
   3. (C) If the transferee is a corporation, a copy of a certificate of good standing from the Secretary of State in which the corporation is domiciled and a financial statement of the corporation;
3. (3) A statement completely describing the authority sought to be transferred, including commodities authorized to be transported and the routes authorized to be served;
4. (4) A statement describing all property to be sold, transferred, or assigned and the amount to be paid therefor;
5. (5) A copy of all contracts, agreements, and other stipulations between the transferee and transferor;
6. (6) If the transferee is not a resident of this state, a written designation of a resident agent for service of process;
7. (7) If any party to the transfer of a certificate or permit is acting in a fiduciary capacity, proof of his or her authority to so act;
8. (8) A statement from the Treasurer of State, Commissioner of Revenues, or county collector to the effect that there are no outstanding and unpaid taxes of any nature;
9. (9) A joint affidavit that there are no unpaid taxes, station rents, wages, or other indebtedness incident to the vendor's operation, or if such is not the case will be assumed by the vendee; and
10. (10) Remittance of statutory filing fee.

(c)

1. (1) No transfer or lease of the certificate or permit, or any part thereof, shall be granted by the commission unless there has been filed with the commission a statement by the Treasurer of State and/or the Commissioner of Revenues or his or her authorized deputy, certifying that there are no delinquent taxes outstanding against the transferor or against the certificate or permit sought to be transferred.
2. (2) Notwithstanding the above provisions, the requirements of subdivisions (b)(8) and (9) of this section shall not apply in any respect to either the vendor or vendee where the vendor has filed for protection under the federal bankruptcy laws and is transferring the authority as a part of a reorganization or liquidation under an order directing the sale entered under the federal bankruptcy laws.

(d)

1. (1) The transfer, lease, or assignment of the permit, certificate, or license shall not be authorized when the commission finds that the action will be inconsistent with the public interest or will have the effect of destroying competition or creating a monopoly.
2. (2) The transfer, lease, or assignment will not be authorized where it appears that reasonably continuous service under the authority or that part of the authority granted by the permit, certificate, or license which is sought to be transferred has not been rendered by the current holder of the permit, certificate, or license prior to the application for transfer, assignment, or lease.

(e)

1. (1) Prior to the sale of a business or the addition of partners by any individual or business holding a certificate or permit, such change in the ownership structure of the carrier shall be reported to the commission in writing.
2. (2) Prior to the sale of stock in a publicly traded corporation, such sale shall be reported to the commission if the sale will constitute fifty percent (50%) or more of the outstanding shares or stock in the corporation in one (1) transaction or in a series of related transactions.
3. (3) The commission shall review the sale of the stock or the addition of a partner or any other change in the ownership structure of the business operating in intrastate commerce under a certificate or permit issued by the commission.
4. (4) Such documentation as is necessary for a full and complete review of the change in the ownership structure may be requested from the business by the commission.

(f)

1. (1) Prior to the hypothecation of a certificate or permit, or the pledge of any assets of a business holding intrastate authority from the commission, a notice of the hypothecation or pledge of the assets shall be filed with the commission.
2. (2) The commission will acknowledge receipt of the notice of hypothecation and may request additional documentation as is necessary for a full and complete review of the pledge of the asset of the certificate or permit.