(1) a term of deposit under section 2(a) of this chapter expires without the commission approving an extension of the term; and

Ask a consumer protection question, get an answer ASAP!
Thousands of highly rated, verified consumer protection lawyers.
Help with credit card debt, collections, defective products
Get help with bankruptcy, filing complaints, extended warranties & more
Click here to chat with a lawyer about your rights.

     (b) In addition to the notice provided under IC 7.1-3-1-3, at least ninety (90) days before the date that a term of deposit expires, the commission shall provide written notice to the permit holder of the date that:

(1) the term of deposit expires; and

(2) the permit will revert to the commission if:

(A) the permit is not active; or

(B) an extension of the term of deposit has not been approved by the commission.

As added by P.L.285-2019, SEC.15.