Authorizing a police officer to arrest without a warrant a person for driving a vehicle or participating as a timekeeper or flagman in a specified race or speed contest under specified circumstances; establishing a penalty of a fine of not more than $500 or imprisonment for not more than 60 days or both for a specified violation; and establishing a penalty of a fine of not more than $1,000 or imprisonment for not more than 1 year for a specified violation that results in serious bodily injury to another person.