1. An athlete agent shall create and retain for 5 years records of the following:
(a) The name and address of each individual represented by the agent;
(b) Each agency contract entered into by the agent; and
(c) The direct costs incurred by the agent in the recruitment or solicitation of each student athlete to enter into an agency contract.
2. Records described in subsection 1 are open to inspection by the Secretary of State during normal business hours.