-Authorizes the advisory board to submit to the athletic commission for approval regulations and standards for the physical examination of professional boxers and professional combative sports participants (Sec. 1). -Requires the advisory board to advise the athletic commission on any study of equipment, procedures or personnel to promote the safety of boxing and professional combative sports participants (Sec. 1). -Defines a "combative sport" as any professional match or exhibition other than boxing, sparring, wrestling or martial arts wherein the contestants deliver kicks, punches or blows of any kind to the body of an opponent or opponents (Sec. 2). -Defines "mixed martial arts" as any professional combative sports competition wherein the utilization of permitted martial arts techniques, including striking, kicking, and grappling (Sec. 2). -Requires the commission to review each martial arts sanctioning organization at lease biennially to determine continuation of the commission's approval, which is based upon compliance with the standards and its ability to supervise matches in the state (Sec. 2). -Requires the commission to promulgate rules and regulations to allow for mixed martial arts competitions to be conducted, held, or given and shall allow for licenses to be approved by the commission for such matches or exhibitions (Sec. 2). -Establishes that the commission has, with sole direction, management, control and jurisdiction over all professional combative sports matches or exhibitions to be conducted, held or given and over all licenses to any and all participants and over all gyms, clubs, training camps and other organization that maintain training facilities who prepare for participation in such events (Sec. 2). -Prohibits anyone from participating either directly or indirectly in professional combative sports matches or exhibitions without a license from the commission (Sec. 2). -Authorizes the commissions to require professional combative sports participants applying for temporary working permits to undergo a physical examination, neurological or neuropsychological test or procedure, or a medically equivalent procedure (Sec. 2). -Prohibits any entity from having either directly or indirectly any financial interest in a professional combative sports participant competing on premises owned or leased by the entity (Sec. 2). -Establishes that violators of any provision are liable to a civil penalty up to $5,000 (Sec. 2). -Authorizes the commission to suspend or revoke a license (Sec. 2). -Specifies that participants must be at least 18 years of age and that spectators under 16 must be accompanied by a parent or guardian (Sec. 2). -Establishes that no match or exhibition may be more than three rounds, unless it is a championship where there may be up to five rounds, and no participants may participate in more than three matches or exhibitions or compete for more than 60 minutes within 72 consecutive hours (Sec. 2). -Requires the presence of a duly licensed referee at each professional combative sports match or exhibition to direct and control (Sec. 2). -Authorizes the commission to require the presence of medical equipment or ambulance (Sec. 2). -Requires the presence of at least one physician designated by the commission at every match or exhibition who has the authority to enter the ring at any time and may terminate the match if necessary to prevent serious injury (Sec. 2). -Requires all licenses as promoters to provide insurance for the participants with a minimum limit of $50,000 for injuries sustained while participating in any program and $100,000 to the estate of any deceased athlete where such death is occasioned by injuries received during the course of a match (Sec. 2). -Specifies that the weights, classes, and rules and regulations are to be prescribed by the commission (Sec. 2). -Specifies that a tax is imposed to be paid upon the gross receipts of every person holding any professional combative sports match or exhibition equal to 10% of gross receipts from ticket sales and 10% of gross receipts from broadcasting rights (Sec. 5). -Establishes that this act shall take effect 120 days after it becomes a law, and shall expire and be deemed repealed 3 years after it shall take effect (Sec. 6).