Synopsis As Introduced Amends the Boxing and Full-contact Martial Arts Act. Changes the definition of "amateur" to allow the person to receive a stipend for an athletic club or sponsor of the contestant to cover the cost of training and participation expenses not to exceed $1,500. Provides that "full-contact martial arts" includes, but is not limited to, mixed martial arts and kickboxing techniques. Defines "incumbent sanctioning body". Allows amateur boxing or full-contact martial arts contests sponsored by a State, county, or municipal entity to be conducted by a sanctioning body approved by the Act without oversight by the Department of Financial and Professional Regulation. Provides that specified qualified entities are exempt from oversight by the Department of Financial and Professional Regulation and must notify the Department of their intent to sponsor events covered under the Act. Adds provisions for sanctioning bodies. Effective immediately.