(a) Before a license or racing days may be transferred to a buyer or a lessee of a track:
(1) the Legislative Policy Committee shall have been notified at least 15 days before the transfer;
(2) the Legislative Policy Committee, if it has chosen to do so, shall have provided comment to the Commission about the transfer; and
(3) the transfer shall have been approved by the Commission.
(b) At least 30 days before the owner of a track enters into a contract to sell the track, the owner shall provide confidential notice of the contract to the governing body of the jurisdiction where the track is located.