1. A student athlete or, if the student athlete is a minor, the parent or guardian of the student athlete may cancel an agency contract by giving notice in writing to the athlete agent of the cancellation within fourteen days after the contract is signed.
2. A student athlete or, if the student athlete is a minor, the parent or guardian of the student athlete may not waive the right to cancel an agency contract.
3. If a student athlete, parent, or guardian cancels an agency contract within fourteen days of signing the contract, the student athlete, parent, or guardian is not required to pay any consideration under the contract or to return any consideration received from the agent to induce the student athlete to enter into the contract.