.22 Leases of Horses.

A. A leased horse may not participate in racing unless the lease agreement is:

(1) Attached to the horse's registration papers;

(2) Submitted to the horsemen's bookkeeper; and

(3) Approved by the stewards or judges.

B. A lease agreement for a horse may not be approved by the stewards or judges unless the:

(1) Lessee is licensed as an owner;

(2) Signatures of the lessor and lessee are verified by the stewards or judges;

(3) Term of the lease, which may contain provisions for earlier termination due to the claim or retirement of the horse, is not less than 365 days; and

(4) Agreement completely divests the lessor of further control or direction of the horse during the term of the lease.

C. A leased horse may not be entered into a claiming race unless the terms of the lease indicate:

(1) The minimum claiming price for which the horse may be entered; and

(2) Who shall receive the claiming monies if the horse is successfully claimed.