44-1525. Required form of contract.

44-1525

Chapter 44.--LABOR AND INDUSTRIES
Article 15.--ATHLETE AGENTS

      44-1525.   Required form of contract.(a) An agency contract must be in a record, signed orotherwiseauthenticated by the parties.

      (b)   An agency contract must state or contain: (1) The amount and method ofcalculating the consideration to be paid by the student-athlete for services tobe provided by the athlete agent under the contract and any other considerationthe athlete agent has received or will receive from any other source forentering into the contract or for providing the services;

      (2)   the name of any person not listed in the application for registration orrenewal of registration who will be compensated because the student-athletesigned the agency contract;

      (3)   a description of any expenses that the student-athlete agrees toreimburse;

      (4)   a description of the services to be provided to the student-athlete;

      (5)   the duration of the contract; and

      (6)   the date of execution.

      (c)   An agency contract must contain, in close proximity to the signature ofthe student-athlete, a conspicuous notice in boldface type in capital lettersstating:

WARNING TO STUDENT-ATHLETE
IF YOU SIGN THIS CONTRACT:

      (1)   YOU MAY LOSE YOUR ELIGIBILITY TO COMPETE AS A STUDENT-ATHLETE IN YOURSPORT;

      (2)   IF YOU HAVE AN ATHLETIC DIRECTOR, WITHIN 72 HOURS AFTER ENTERING INTOTHISCONTRACT, BOTH YOU AND YOUR ATHLETE AGENT MUST NOTIFY YOUR ATHLETIC DIRECTOR;AND

      (3)   YOU MAY CANCEL THIS CONTRACT WITHIN 14 DAYS AFTER SIGNING IT.CANCELLATION OF THIS CONTRACT MAY NOT REINSTATE YOUR ELIGIBILITY.

      (d)   An agency contract that does not conform to this section is voidable bythe student-athlete. If a student-athlete voids an agency contract, thestudent-athlete is not required to pay any consideration under the contract orto return any consideration received from the athlete agent to induce thestudent-athlete to enter into the contract.

      (e)   The athlete agent shall give a record of the signed or otherwiseauthenticated agency contract to the student-athlete at the time of execution.

      History:   L. 2003, ch. 109, § 10; July 1.