A leased horse may not participate in racing unless the lease agreement is: Attached to the horse's registration papers; Submitted to the horsemen's bookkeeper; and Approved by the stewards or judges. A lease agreement for a horse may not be approved by the stewards or judges unless the: Lessee is licensed as an owner; Signatures of the lessor and lessee are verified by the stewards or judges; 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 Agreement completely divests the lessor of further control or direction of the horse during the term of the lease. A leased horse may not be entered into a claiming race unless the terms of the lease indicate: The minimum claiming price for which the horse may be entered; and Who shall receive the claiming monies if the horse is successfully claimed.