(a) As used in this section:
(1) “Event” means a competition event within the coastal zone.
(2) “Prize compensation” includes prize or purse money, other prizes, goods, or other compensation.
(b) The commission shall require as a condition of a coastal development permit for any event that awards prize compensation to competitors in gendered categories, for any participant level that receives prize compensation, that the prize compensation for each gendered category be identical at each participant level. The commission shall not approve a coastal development permit for an event that does not comply with this condition.