No copyright owner or performing rights society may enter into, or offer to enter into, a contract for the payment of royalties by a proprietor unless at least 72 hours prior to the execution of that contract, it provides to the proprietor, in writing, the following:
(a) A schedule of the rates and terms of royalties under the contract.
(b) Notice that the proprietor is entitled to the information contained in subdivision (a) and Section 21751.5.