HB 708 Summary

• Repeals chapter 481E and enacts the Revised Uniform Athlete Agents Act (2015) to regulate athlete agents and financial advisers who work with student athletes

• Expands definition of "athlete agent" to include financial advisers, business managers, and others providing financial or business services to student athletes for compensation

• Requires athlete agents to register with the director of commerce and consumer affairs; allows reciprocal registration for agents already registered in other states

• Mandates athlete agent contracts include warnings about loss of eligibility, require separate acknowledgments from student athletes, and prohibit agents from furnishing anything of value before contract signing

• Requires athlete agents to notify educational institutions within 72 hours of entering agency contracts and establishes civil penalties up to $50,000, treble damages, and criminal misdemeanor penalties for violations