Illinois Athlete Agents Act of 2021 (HB4540)

• Requires licensure of athlete agents by the Department of Financial and Professional Regulation, with minimum age 21 and no prior disciplinary grounds as qualifications for licensure.

• Mandates written agency contracts containing compensation amounts, services described, duration, and a conspicuous warning that signing may result in loss of athletic eligibility, with student-athletes able to cancel within 14 days.

• Requires athlete agents to notify educational institutions within 72 hours of entering into agency contracts and establishes recordkeeping requirements for 5 years including client names, contracts, and recruitment costs.

• Establishes grounds for disciplinary action including misstatements to the Department, incompetence, criminal convictions, fraud, and violations of the Act, with penalties up to $10,000 per violation; unlicensed practice is a Class A misdemeanor for first offense and Class 4 felony for subsequent offenses.

• Preempts home rule authority over athlete agent regulation and becomes effective January 1, 2021.