(a) An athlete agent shall create and retain for 5 years records of all of the following:
(1) The name and address of each student athlete represented by the agent.
(2) Each agency contract entered into by the agent.
(3) The direct costs incurred by the agent in the recruitment or solicitation of each student athlete to enter into an agency contract.
(b) Records described in subsection (a) of this section are open to inspection by the Secretary during normal business hours.