(a) A breed registry seeking to make a modification to the date, description, or budget for an event for which funds have been allocated from the horse industry escrow account shall submit a request to:(1) the executive director for:(A) a change to an event that, after the change, would qualify for approval by the executive director; or(B) for an event that does not qualify for approval by the executive director, a change to one or more of the following:(i) the date, if the proposed new date is within six months of the original date;(ii) the description, if the change does not materially change the nature or scope of the event; or(iii) the budget, if the proposed new budget is within ten percent of the original budget for the event; or(2) the Commission, for all other changes.(b) The request must explain the proposed change, the reason for the change, and the anticipated economic impact of the event as modified on the horse industry.(c) The executive director may approve or deny a change requested under subsection (a)(1) of this section or may forward the request to the Commission for consideration. Upon request by the breed registry, a request for modification that was denied by the executive director shall be forwarded to the Commission for consideration.