(1) An athlete agent shall create and retain the following records for a period of five (5) years:
(a) The name and address of each individual represented by the athlete agent;
(b) Any agency contract entered into by the athlete agent; and (c) Any direct costs incurred by the athlete agent in the recruitment or solicitation of a student-athlete to enter into an agency contract.
(2) Records required to be retained in subsection (1) of this section are open to inspection by the department during normal business hours.