|SB 0526||Regulates Contracts Between Agents & Collegiate Athletes|
|LR Number:||S1751.01T||Fiscal Note:||1751-01|
|Last Action:||07/12/96 - Signed by Governor|
|Effective Date:||August 28, 1996|
SB 526 - This act regulates contracts between agents and collegiate athletes.
Section 436.200 defines relevant terms, including "agent contract", "athlete agent", "financial services contract", "professional sports services contract", and "student athlete".
Section 436.205 requires an athlete agent to register biennially with the Secretary of State and pay a $500 registration fee. Failure to register is a Class B misdemeanor. The Secretary of State may suspend or revoke the registration of an athlete agent for failure to comply with this section.
Section 436.209 requires athlete agents and student athletes to notify the college or university after a contractual relationship has been established. Failure of the student athlete to notify the college or university is an infraction, while failure of the athlete agent to notify the college or university is a Class B misdemeanor. This section requires the inclusion of certain specific statements and warnings in any contract between a student athlete and athlete agent. Failure to include these statements renders the contract unenforceable, and may make the athlete agent and student athlete liable to the college or university for damages and treble penalties. This section provides a minimum 10-day grace period wherein the student can unilaterally rescind a contract. The student athlete may not waive his right to rescind.
Section 436.212 prohibits the athlete agent from publishing
or making false or misleading statements to a student athlete.
Athlete agents are prohibited from soliciting potential student
athlete clients from college or university employees. Athlete
agents are prohibited from inducing student athletes to enter
into a contract. Any person that violates a provision of this
section is guilty of a Class B misdemeanor.
RONALD J. LEONE