(1) This section shall apply to the establishment of agreements not affecting the sovereignty of the United States. (2) Any state agency may agree by compact with other states to apply existing standards for residents to nonresidents if the laws or regulations of the states with which such compacts are made are similarly applied to Wisconsin residents. The compact shall be effective when approved by joint resolution adopted by the legislature. (3) Any state agency may negotiate compacts with similar agencies in other states relating to the treatment of nonresidents on subjects within its delegated powers but on which no legislation providing standards has been enacted. Such compacts shall be submitted to the legislature and shall be effective when approved as are bills. (4) Each compact shall as nearly as possible set forth: (a) The statutory authority for the delegated power under which the agency is proceeding. (b) The legal effect of the compact as shown by the amendments to statutes and rules in the applicable states required to accomplish the objectives of the compact. (c) The objectives of the compact. (d) The precise reasons for the compact. (e) The standards established by the compact. (f) The procedures contemplated by the compact. (g) The effective date of the compact. (h) The effect of the compact upon: 1. Public finances. 2. Public policy.
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