HB 507 Summary

• Repeals chapter 481E and replaces it with the Revised Uniform Athlete Agents Act (2015), expanding the definition of "athlete agent" to include financial advisers and business managers who provide services to student athletes for compensation.

• Requires athlete agents to register with the Director of Commerce and Consumer Affairs and establishes reciprocal registration allowing agents registered in other states to be recognized in Hawaii if those states have substantially similar or more restrictive requirements.

• Mandates agency contracts include a statement confirming the agent's registration status, a separate acknowledgment that signing may result in loss of athletic eligibility, and a conspicuous warning notice to the student athlete.

• Requires athlete agents to notify educational institutions in writing within 72 hours of entering an agency contract with a student athlete or before the next scheduled athletic event, and prohibits agents from contacting student athletes without prior notice to their athletic director.

• Establishes civil penalties up to $50,000 for violations, criminal penalties (misdemeanor) for prohibited conduct, and allows student athletes and educational institutions to recover treble damages, punitive damages, and attorney's fees in civil actions.

• Effective July 1, 2017.