(1) derive uniform requirements among the party states for the licensure of participants in live horse racing with pari-mutuel wagering;

(2) ensure that all licensees pursuant to this compact meet a uniform minimum standard of honesty and integrity;

(3) facilitate the growth of the horse racing industry by simplifying the process for qualified applicants for a license to participate in live racing;

(4) reduce the cost incurred by each state and applicant from the separate licensing process conducted by each state that conducts live horse racing;

(5) authorize the Commission to participate in this compact;

(6) permit officials from the party states to participate in this compact;

(7) through the compact committee established by this compact, enter into contracts with governmental agencies and other persons to carry out the purposes of this compact; and

(8) establish the compact committee created by this compact as an interstate governmental entity duly authorized to request and receive criminal history record information from:

(i) the Federal Bureau of Investigation;

(ii) state and local authorities; and

(iii) foreign law enforcement agencies.