1. (a) A licensee or any other person must apply for and receive the commission's approval before:

   1. (1) a gambling game license is:

      1. (A) transferred;
      2. (B) sold; or
      3. (C) purchased; or
   2. (2) a voting trust agreement or other similar agreement is established with respect to the gambling game license.
2. (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.

3. (c) A person may not:

   1. (1) lease;
   2. (2) hypothecate; or

   3. (3) borrow or loan money against;

      a gambling game license.

4. (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).

5. (e) The fee imposed by subsection (d) does not apply if:

   1. (1) the gambling game license is transferred as a result of an event described in section 4(c) of this chapter; or
   2. (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.
6. (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.

As added by P.L.233-2007, SEC.21.