(1) The department may authorize the holding of regattas, motorboat or other boat races, marine parades, tournaments, or exhibitions involving more than one hundred (100) boats on any waters of this state. It shall adopt and may, from time to time, amend regulations concerning the safety of motorboats and other vessels and persons thereon, either observers or participants. When a regatta, motorboat or other boat race, marine parade, tournament, or exhibition involving more than one hundred (100) boats is proposed to be held, the person in charge thereof shall, at least fifteen (15) days prior thereto, file an application with the department for permission to hold the regatta, motorboat or other boat race, marine parade, tournament, or exhibition. The application shall set forth the date, time, and location where it is proposed to hold the regatta, motorboat or other boat race, marine parade, tournament, or exhibition, and it shall not be conducted without authorization of the department in writing.
(2) The provisions of this section shall not exempt any person from compliance with applicable federal law or regulation, but nothing contained herein shall be construed to require the securing of a state permit pursuant to this section if a permit therefor has been obtained from an authorized agency of the United States.