49-7-2131 - Agency contracts Required language.
49-7-2131. Agency contracts Required language.
(a) An agency contract shall be in writing and shall be signed, or otherwise authenticated, by the parties in the presence of a notary public who shall duly notarize the contract.
(b) An agency contract shall contain:
(1) 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 contract and any other consideration the athlete agent has received, or will receive, from any other source for entering into the contract or for providing the services;
(2) 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 agency contract;
(3) A description of any expenses that the student athlete agrees to reimburse;
(4) A description of the services to be provided to the student athlete;
(5) The duration of the contract;
(6) The address of the athlete agent to which notices, including notice of cancellation pursuant to § 49-7-2133, shall be sent; and
(7) The date of execution.
(c) An agency contract shall contain, in at least ten-point, bold face type, the following language, which shall be read by the athlete agent to the student athlete and initialed and dated by the student athlete:
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(d) 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 required to pay any consideration under the contract or to return any consideration received from the athlete agent to induce the student athlete to enter into the contract.
(e) A duly signed and notarized copy of the contract shall be furnished to the student athlete at the time of execution.
(f) Any contract executed pursuant to this section shall be governed by the laws of this state.
[Acts 2001, ch. 342, § 1.]