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

(2) the permit is not active.

     (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.