Indiana Code Title 23. Business and Other Associations § 23-2-2.5-8

Sec. 8. (a) The commissioner may determine whether any proposed offer or sale is entitled to an exemption.  However, the commissioner may decline to exercise that authority as to any such offer or sale.  Any interested party desiring the commissioner to exercise the authority to determine whether a proposed offer or sale is entitled to an exemption shall submit to the commissioner the following:

(b) After such notice to interested parties as the commissioner deems proper and after a hearing, if any, the commissioner may enter an order finding the proposed offer or sale entitled or not entitled to the exemption claimed.  Any order so entered, unless an appeal be taken therefrom in the manner prescribed in this chapter is binding upon the commissioner and upon all interested parties if the proposed offer or sale of a franchise when consummated or issued conforms in every relevant and material particular with the facts set forth in the verified statement submitted.