(1) A protest against any horse which has started in a race must be made in writing to the board of stewards, signed by the person making the protest, and submitted within seventy-two hours of the race (excluding nonrace days). If the incident for which the protest is made occurs within the last two days of the meeting, the protest must be filed within seventy-two hours of the closing day.

(2) A protest may be made on any of the following grounds:

(a) The order of finish as officially determined by the stewards was incorrect due to an oversight or errors in the number of the horses which started the race;

(b) The weight carried by a horse was improper, due to fraud or willful misconduct; or

(c) An unfair advantage was gained by violation of the rules.

(3) The time limitation on the filing of protests will not apply in any case in which fraud or willful misconduct is involved.