A school board shall submit regulations adopted under this part, and amendments to adopted regulations, to the Ethics Commission for review and approval or disapproval. If the Ethics Commission does not disapprove a regulation or an amendment to a regulation within 60 days after its submission, the regulation or amendment is deemed to have been approved and becomes effective. The Ethics Commission may disapprove a regulation or an amendment to a regulation only if the Ethics Commission finds that the regulation or amendment is not in substantial compliance with this part. If the Ethics Commission disapproves a regulation or an amendment, the Ethics Commission shall promptly notify the school board of the action. On request of a school board, the Ethics Commission shall advise and assist the school board in preparing regulations that comply with this part.