(1) It shall be a violation of this subchapter for any franchisee to transfer, assign, or sell a franchise or interest therein to another person unless the franchisee first notifies the franchisor of that intention by written notice, setting forth in the notice of intent the prospective transferee's name, address, statement of financial qualification, and business experience during the previous five (5) years.
(2) The franchisor shall within sixty (60) days after receipt of the notice either approve in writing to the franchisee the sale to the proposed transferee or by written notice advise the franchisee of the unacceptability of the proposed transferee, setting forth a material reason relating to the character, financial ability, or business experience of the proposed transferee.
(3) If the franchisor does not reply within the specified sixty (60) days, his or her approval is deemed granted.
(4) No transfer, assignment, or sale pursuant to this section shall be valid unless the transferee agrees in writing to comply with all of the requirements of the franchise then in effect.