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