Regulating sports agents

(a) Updates to Sports Agent Responsibility and Trust Act The Sports Agent Responsibility and Trust Act (15 U.S.C. 7801 et seq.) is amended— (1) in section 3— (A) in subsection (a)— (i) by redesignating paragraphs (2) and (3) as paragraphs (5) and (6), respectively; and (ii) by inserting after paragraph (1) the following: (2) charge a student athlete a fee with respect to an endorsement contract that is in an amount that is greater than 4 percent of the amount of the compensation provided to such student athlete under such contract; (3) represent a student athlete for an endorsement contract without the athlete agent first registering as an agent with a State and certifying to an athletic association governing the intercollegiate sport the student athlete participates in that the athlete agent is registered with a State; (4) enter into an agency contract with a student athlete that does not include a provision specifying that the student athlete may terminate the agency contract, notwithstanding any other term described in the agency contract, beginning on the date that is immediately after the date on which the student athlete is no longer enrolled at any institution (as defined in section 2 of the College Athletics Reform Act);; and (B) in subsection (b)(3), by striking Warning to Student Athlete: If you agree orally or in writing to be represented by an agent now or in the future you may lose your eligibility to compete as a student athlete in your sport. and inserting Notice to Student Athlete:; and (2) in section 8, by striking Uniform Athlete Agents Act of 2000 and inserting Revised Uniform Athlete Agents Act. (b) Federal Trade Commission study (1) Study The Federal Trade Commission shall conduct a study to analyze the impacts of establishing a program, administered by an entity independent of any institution, conference, or intercollegiate athletic association, to develop standards for, certify as compliant with such standards, and otherwise regulate athlete agents who enter into agreements with college athletes, which shall include an analysis of— (A) options for establishing such a program; (B) potential sources of funding for such a program; (C) a reasonable timeline for establishing such a program; and (D) the costs and benefits associated with such a program. (2) Report Not later than 1 year after the date of the enactment of this Act, the Federal Trade Commission shall submit to Congress a report on the results of the study conducted under paragraph (1), which shall include legislative recommendations with respect to the establishment and funding of the program described in such paragraph.