The suspension became effective Friday and means the fraternity must cease all activities and disband.
The fraternity is at least the fourth national fraternity to close or suspend its IU chapter since the start of 2017.
The national headquarters of a men's fraternity plans to move from Missouri to Indiana, officials confirmed Tuesday.
State Sen. Ron Alting, chairman of the Public Policy Committee, wants to let charities pay people to run their bingo, poker and other games, a practice that has led to disciplinary action for some organizations.
The Columbia Club has formed a not-for-profit, the Columbia Club Historic Preservation Foundation, to preserve its 1924 building on Monument Circle. The 28-year-old Columbia Club Foundation already exists for the same purpose, and its fate is now unclear.