Form of contract.
(1) An agency contract must be in a record signed by the parties.WARNING TO STUDENT-ATHLETE IF YOU SIGN THIS CONTRACT: (a) YOU MAY LOSE YOUR ELIGIBILITY TO COMPETE AS A STUDENT-ATHLETE IN YOUR SPORT; (b) BOTH YOU AND YOUR ATHLETE AGENT ARE REQUIRED TO TELL YOUR ATHLETIC DIRECTOR, IF YOU HAVE AN ATHLETIC DIRECTOR, AT LEAST SEVENTY-TWO HOURS PRIOR TO ENTERING INTO AN AGENCY CONTRACT AND AGAIN WITHIN SEVENTY-TWO HOURS AFTER ENTERING INTO AN AGENCY CONTRACT; AND (c) YOU MAY CANCEL THIS CONTRACT WITHIN FOURTEEN DAYS AFTER SIGNING IT. CANCELLATION OF THE CONTRACT MAY NOT REINSTATE YOUR ELIGIBILITY.
(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 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;
(b) The name of any person other than the athlete agent who will be compensated because the student-athlete signed the agency contract;
(c) A description of any expenses that the student-athlete agrees to reimburse;
(d) A description of the services to be provided to the student-athlete;
(e) The duration of the contract; and
(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:
(4) A copy of the athlete agent disclosure form delivered to the student-athlete shall be attached to the agency contract.
(5) An agency contract that does not conform to this section is voidable by the student-athlete.
(6) The athlete agent shall give a copy of the signed agency contract to the student-athlete at the time of signing.
[2002 c 131 § 7.]