3. a. A four-year institution of higher education shall not prohibit or prevent a student-athlete participating in intercollegiate athletics from obtaining professional representation in relation to contracts or legal matters including, but not limited to, representation provided by athlete agents or legal representation provided by attorneys.
b. Legal representation obtained by student-athletes shall be by licensed attorneys. Athlete agents representing student-athletes shall comply with the federal "Sports Agent Responsibility and Trust Act" (15 U.S.C. s.7801 et seq.) in their relationship with student-athletes. Licensed attorneys and athlete agents shall act in a fiduciary capacity when representing a student-athlete.