Here is the LATEST straight from the mouths of BMV... DON'T SHOOT THE MESSENGER!
I went in today to ask them about the Super Cub and the HF 79cc Huffy bicycle. They answered all my questions on the Super Cub and told me to call 888-692-6841 for questions they could not answer about the bicycle.
This number is customer service for BMV. Here is what they said...
1. The bicycle has an engine which is over 50cc and less than 5 brake HP
(Remember, this is also the case on 150cc and 250cc scooters)
2. You will be required to have a valid motorcycle license or a valid operators license with a MDC-A endorsement (written test)
3. Proof of ownership. I asked them how this would be accomplished and they said that as long as the vehicle value was under $5,000 you could do a ownership affidavit. Forms can be found here
http://www.in.gov/bmv/2957.htm
4. Can ride passengers if you have a passenger seat (just like a scooter)
5. Have to provide proof of insurance (just like a scooter)
So, they are pushing the motorized bicycle into the same class as those scooters with over 50cc engines.