SB2542: Illinois Athlete Agents Act

• Establishes state licensing and regulation of athlete agents through the Department of Financial and Professional Regulation, requiring agents to obtain licenses before negotiating professional sports or endorsement contracts with student-athletes.

• Prohibits unlicensed athlete agents from practicing in Illinois; agents practicing before rules adoption have 90 days to apply for licensure after rules take effect or must cease practice.

• Requires athlete agents to provide written agency contracts containing compensation amounts, services to be provided, contract duration, and a conspicuous warning that signing may result in loss of athletic eligibility; students may cancel within 14 days.

• Mandates athlete agents notify athletic directors within 72 hours after signing agency contracts and prohibits providing money or benefits to student-athletes before contract signing.

• Establishes disciplinary grounds for license suspension or revocation including fraud, criminal convictions, professional incompetence, and violations of Act provisions, with civil penalties up to $10,000 per violation and criminal penalties as Class A misdemeanor (Class 4 felony for subsequent offenses).