2. a. The provisions of the "New Jersey State Wage and Hour Law," P.L.1966, c.113 (C.34:11-56a et seq.) and the recordkeeping requirements of the State wage payment law, P.L.1965, c.173 (C.34:11-4.1 et seq.) shall not apply to a minor league baseball player who is subject to a collective bargaining agreement entered into between Minor League Baseball and the Major League Baseball Players Association that is in effect and that expressly provides for wages and conditions of the minor league baseball player.
b. The exclusion in subsection a. of this section shall apply only during a period in which an affected minor league baseball player is compensated pursuant to the terms of a collective bargaining agreement that meets the requirements of this section and shall not extend beyond the term of that agreement, except that a collective bargaining agreement may be renewed, renegotiated, or extended.
c. Minor League Baseball and the Major League Baseball Players Association shall notify the Department of Labor and Workforce Development of any termination or replacement of a collective bargaining agreement subject to the provisions of this act within one week of any termination or replacement.