(a) There is created as a joint committee of the General Assembly the Georgia Lottery Corporation Legislative Oversight Committee, to be composed of the members of the House Committee on Industry and the Senate Committee on Economic Development, Tourism, and Cultural Affairs. The chairmen of such committees shall serve as cochairmen of the oversight committee. The oversight committee shall periodically inquire into and review the operations of the Georgia Lottery Corporation, as well as periodically review and evaluate the success with which the authority is accomplishing its statutory duties and functions as provided in this chapter. The oversight committee may conduct any independent audit or investigation of the authority it deems necessary.

(b) The Georgia Lottery Corporation shall provide the oversight committee not later than December 1 of each year with a complete report of the level of participation of minority businesses in all retail and major procurement contracts awarded by the corporation.