Sec. 7. (a) For purposes of this chapter only, the state may waive its immunity from suit in federal court under the Eleventh Amendment to the Constitution of the United States only if both of the following conditions are met:
(1) The agreement in dispute was entered into under this chapter.
(2) The agreement in dispute contains a provision that mandates arbitration providing the federal court jurisdiction under the Federal Arbitration Act (9 U.S.C. 1 et seq.) or a successor act that requires or may require arbitration.
(b) A waiver permitted under subsection (a) applies only to an action:
(1) to compel arbitration;
(2) to determine whether an issue is arbitrable; or
(3) to confirm an award entered by the arbitrator.