(1) An athlete agent shall create and retain for five (5) years records of the following: The name and address of each individual represented by the agent;
(2) Each agency contract entered into by the agent; and
(3) The direct costs incurred by the agent in the recruitment or solicitation of each student athlete to enter into an agency contract.
(4) Records described in subsection (1) of this section are open to inspection during normal business hours by any educational institution whose student athlete contracts with an athlete agent.