The commission shall promulgate reasonable rules and regulations governing bicycle racing in this state. These rules and regulations shall:
A. govern the application procedures for all licenses issued by the commission;
B. provide for the supervision, direction and discipline of licensees of the commission;
C. govern, subject to the Uniform Licensing Act [ 61-1-1 to 61-1-31 NMSA 1978], the issuance, suspension and revocation of licenses issued by the commission;
D. provide for the barring from bicycle racing and bicycle-racing tracks of any persons, including those required to be licensed by the commission;
E. determine the distribution of the gross receipts of all pari-mutuel bicycle-racing wagers that shall be payable as pari-mutuel winnings, as race purses to the winning bicycle racers and as commissions to the licensee;
F. set standards for the holding, conducting and operating of all bicycle races, race meets and racetracks under the supervision of the commission; and
G. become effective only after they have been filed in accordance with the State Rules Act [Chapter 14, Article 4 NMSA 1978].