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164.6917 Requirements for agency contract.

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Page 1 of 1 164.6917 Requirements for agency contract. (1) An agency contract must be in a record, signed or otherwise authenticated by the parties. (2) An agency contract must state or contain: (a) The amount and method of calculating the consideration to be paid by the student-athlete for services to be provided by the athlete agent under the <br>contract and any other consideration the athlete agent has received or may <br>receive from any other source for entering into the contract or for providing <br>the services; (b) The name of any person not listed in the application for registration or renewal of registration who will be compensated because the student-athlete signed the <br>agency contract; (c) A description of any expenses that the student-athlete agrees to reimburse; <br>(d) A description of the services to be provided to the student-athlete; <br>(e) The duration of the contract; and <br>(f) The date of execution. (3) An agency contract must contain, in close proximity to the signature of the student-athlete, a conspicuous notice in boldface type in capital letters stating: WARNING TO STUDENT-ATHLETE IF YOU SIGN THIS CONTRACT: <br>(1) YOU MAY LOSE YOUR ELIGIBILITY TO COMPETE AS A STUDENT-ATHLETE IN YOUR SPORT; (2) IF YOU HAVE AN ATHLETIC DIRECTOR, BOTH YOU AND YOUR ATHLETE AGENT MUST NOTIFY YOUR ATHLETIC DIRECTOR <br>WITHIN 72 HOURS AFTER ENTERING INTO THIS CONTRACT; AND (3) YOU MAY CANCEL THIS CONTRACT WITHIN 14 DAYS AFTER SIGNING IT. CANCELLATION OF THIS CONTRACT MAY NOT <br>REINSTATE YOUR ELIGIBILITY. (4) An agency contract that does not conform to this section is voidable by the student-athlete. If a student-athlete voids an agency contract, the student-athlete is not <br>required to pay any consideration under the contract or to return any consideration <br>received from the athlete agent to induce the student-athlete to enter into the <br>contract. (5) The athlete agent shall give a record of the signed or otherwise authenticated agency contract to the student-athlete at the time of execution. Effective: June 24, 2003 <br>History: Repealed and reenacted 2003 Ky. Acts ch. 172, sec. 9, effective June 24, 2003. -- Created 1998 Ky. Acts ch. 259, sec. 5, effective July 15, 1998. Formerly codified as KRS 164.684.