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Indiana Code Title 7.1. Alcohol and Tobacco § 7.1-3-24-3.5

Current as of January 02, 2024 | Updated by Findlaw Staff

Sec. 3.5. (a) A person purchasing an existing permit from another permit holder must submit an executed purchase agreement to the commission as part of the applicant's request to transfer the ownership of the permit.  The purchase agreement must include the following:

(1) The agreement must be signed by the applicant and the current permit holder.

(2) The agreement must provide detailed information regarding the purchase price and sale terms of the permit and other business assets, including the following:

(A) An itemization of all personal and real property being sold, detailing the sale terms and price for each item.

(B) If the personal property and real property are being purchased by different persons, the purchase agreement must identify the persons purchasing each item of personal property and real property.

(C) Any other information required by the commission.

(b) A purchase agreement provided to the commission is confidential under IC 5-14-3 and may not be disclosed to the public except for the following information:

(1) The type of permit sold.

(2) The permit sale price.

(3) The jurisdiction (city, town, or county) in which the permit is located.

(c) The commission shall maintain a publicly accessible data base of the information listed in subsection (b).

(d) The commission shall review and consider an application for transfer of the permit and a purchase agreement before approving or denying the transfer application.

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Cite this article: FindLaw.com - Indiana Code Title 7.1. Alcohol and Tobacco § 7.1-3-24-3.5 - last updated January 02, 2024 | https://codes.findlaw.com/in/title-7-1-alcohol-and-tobacco/in-code-sect-7-1-3-24-3-5/

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