Sec. 1. (a) A permit issued under IC 14-34-4 is valid for five (5) years unless the director grants a longer period under subsection (c).
(b) The director may issue a permit with a validity period exceeding five (5) years if the following conditions are met:
(1) The applicant demonstrates that a specified longer period is reasonably needed to obtain necessary financing for equipment and the opening of the operation.
(2) The application is full and complete for the specified longer period.
(3) The application complies with:
(A) the standards established by this article; or
(B) the rules that the commission adopts.
(c) If the director determines that a specified validity period exceeding five (5) years is warranted under subsection (b)(1), the director may issue a permit for the specified longer period.