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.