Endorsement contract requirements

(a) In general The Sports Agent Responsibility and Trust Act (15 U.S.C. 7801 et seq.) is amended— (1) in section 2— (A) by redesignating paragraphs (3) through (9) as paragraphs (4) through (10), respectively; and (B) by inserting after paragraph (2) the following: (3) Athletic association The term athletic association has the meaning given that term in section 2 of the Student Athlete Fairness and Enforcement Act.; and (2) by inserting after section 3 the following: 3A. Endorsement contract requirements (a) Endorsement contract requirements An endorsement contract with a student athlete must— (1) be in writing; (2) plainly state that the student athlete has the right to obtain or retain an athlete agent or legal representation with respect to the endorsement contract; (3) state the name of each party to the endorsement contract; (4) state a description of services rendered and the terms of the endorsement contract; (5) state the amount of compensation to be provided to the student athlete under the endorsement contract; and (6) not be for a term that extends beyond the eligibility of the student athlete to participate in varsity intercollegiate sport. (b) Effect of compliance An endorsement contract with a student athlete that does not comply with the requirements under subsection (a) shall be void at the option of the student athlete. (c) Rescission of contract A student athlete who no longer participates in an intercollegiate sport program as a result of a determination of ineligibility by an athletic association may rescind an endorsement contract with a remaining term of 1 year or longer— (1) without being held liable for breach; and (2) with no obligation to return payments or compensation received before giving notice of the rescission. (d) Privacy protections (1) Prohibition on disclosure of endorsement contracts Except as explicitly provided by this Act or the Student Athlete Fairness and Enforcement Act, an institution (or a reporting entity designated by the institution), third party, or NIL collective may not disclose an endorsement contract or any term of an endorsement contract publicly or to any individual who is not party to the endorsement contract without the express written consent of the student athlete that is party to the endorsement contract unless— (A) the endorsement contract or the term has already been disclosed publicly by the student athlete or their athlete agent or legal representative; or (B) required to comply with a properly authorized civil, criminal, or regulatory investigation or subpoena or summons by Federal or State authorities. (2) Consent requirements Written consent under paragraph (1) shall state the individual or entity to which the institution (or a reporting entity designated by the institution), third party, or NIL collective may disclose the endorsement contract or term of the contract, any permitted subsequent disclosures of the contract, and the purpose of the disclosure. (3) Non-applicability of open records laws Endorsement contracts or other financial information provided by a student athlete or an athlete agent of a student athlete to an institution shall not be subject to Federal or State open records laws. (e) Definitions In this section, the terms compensation, institution, NIL collective, and third party have the meanings given those terms in section 2 of the Student Athlete Fairness and Enforcement Act.. (b) Clerical amendment The table of contents for the Sports Agent Responsibility and Trust Act is amended by inserting after the item relating to section 3 the following: Sec. 3A. Endorsement contract requirements..