Establishes the contractual oversight and transparency act.

Prohibits the governor from adopting, executing, or otherwise entering into any compact with another state, the federal government, Indian tribe or band, or other sovereign entity without prior legislative approval.

Provides that the gambling commission, when negotiating compacts with federally recognized Indian tribes, should include an expectation that the tribe will make payments to the state based on the gross gaming revenue generated from all class III gaming activities.