(a) The Division of Highways shall undertake a study of the feasibility of implementing a program to facilitate commercial sponsorship of rest areas, welcome centers, roads, and vehicles owned or leased by the Division of Highways to help offset the costs of the operation and maintenance of rest areas, welcome centers, roads, and vehicles.

(b) The Division of Highways shall implement a program to facilitate commercial sponsorship of rest areas, welcome centers, roads, and vehicles owned or leased by the Division of Highways (1) if it is feasible and practicable, in accordance with the study required by subsection (a) of this section, and (2) upon approval of the proposed sponsorship program by the Federal Highway Administration.

(c) Upon implementation of the program, the Division of Highways may enter into sponsorship agreements with private entities in accordance with this section. A sponsorship agreement may allow a private entity to place signs and placards identifying itself as a sponsor of the rest area, welcome center, road or vehicle that is visible to the traveling public in exchange for consideration at fair market value. A sponsorship agreement may include any other provisions the Division of Highways deems necessary. Sponsorship agreements shall comply with all applicable state and federal rules and regulations.

(d) All net revenue received by the Division of Highways from the sponsorship agreements shall be deposited in the State Road Fund.

(e) The Commissioner of the Division of Highways may propose rules for legislative

approval or emergency rules pursuant to §29A-3-1 et seq. of this code to establish and implement the program as may be necessary to carry out the purposes of this section.

(f) On or before December 1, 2018, the Commissioner of the Division of Highways shall

submit a report to the Joint Committee on Government and Finance detailing the status and progress of the feasibility study directed in subsection (a) of this section. If the sponsorship program is implemented, the commissioner shall also report to the Joint Committee on Government and Finance on the status of the sponsorship program.