HB150 Summary

• Prohibits Alabama postsecondary institutions and athletic associations from preventing student athletes from earning compensation for use of their name, image, or likeness, or from obtaining legal or professional representation.

• Requires each postsecondary institution to fund an annuity of up to $10,000 per academic year for student athletes who declare they will not seek compensation or representation; annuity reverts to institution if student changes declaration or receives compensation.

• Mandates postsecondary institutions conduct a minimum 5-hour financial literacy and life skills workshop for student athletes during their first and third academic years, covering financial aid, budgeting, and time management.

• Creates a Historically Black Colleges and Universities working group to study and recommend policies regarding student athlete compensation; group must hold first meeting by July 1, 2021, and report findings by January 1, 2022.

• Becomes effective January 1, 2023, except Section 5 (working group provisions) which becomes effective immediately upon passage and approval.