SB328 Summary

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

• Requires institutions to fund annuities up to $10,000 annually for student athletes who declare they will not seek NIL compensation or legal representation; funds revert to the institution if the athlete changes their declaration.

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

• Creates a Historically Black Colleges and Universities Working Group to study NIL compensation at HBCU institutions, with first meeting required by July 1, 2021, and final report due by January 1, 2022.

• Takes effect January 1, 2023, except for the working group provisions which take effect immediately upon passage and approval.