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