Sec. 15. (a) The commission may issue to a secondary pari-mutuel organization a license to offer advance deposit wagering to Indiana residents if the commission:
(1) finds that the applicant satisfies the requirements of this chapter and the rules adopted by the commission under section 11 of this chapter; and
(2) approves the contract submitted under section 13 of this chapter.
(b) The term of a license issued under this chapter is one (1) year.
(c) The annual license renewal fee is one thousand dollars ($1,000).