1. (a) This section applies to a permit subject to a quota under this article that:

   1. (1) exceeds the permissible number of permits under the quota; and
   2. (2) is eligible for renewal by law despite the permit exceeding the quota.

2. (b) A city or town may purchase a permit described in subsection (a) from the permit holder. The purchase price must be agreed to by:

   1. (1) the permit holder; and
   2. (2) the executive (as defined in IC 36-1-2-5 ) of the respective city or town, with the approval of the legislative body (as defined in IC 36-1-2-9 ) of the respective city or town.
3. (c) The executive of a city or town that purchases a permit under subsection (b) shall return the permit to the commission.
4. (d) The commission shall retire a permit received under subsection
5. (c) and may not issue to another person a permit received under subsection (c).

As added by P.L.66-1998, SEC.1.