A.
1. A student athlete may obtain professional representation for the purpose of securing payment for the use of his or her name, image, or likeness without penalty, resulting limitation on participation, or effect on the student-athlete’s athletic grant-in- aid eligibility.
2. Any professional representation agreement shall:
a. be in writing, b. be executed by both parties, c. clearly describe the obligations of the parties, and d. outline fees for the professional representation.
3. An individual or entity engaged for professional representation by a student athlete shall ensure the student athlete discloses the professional relationship to the postsecondary institution as required by this section. B. A student athlete who enters into a contract providing payment to the student athlete for use of his or her name, image, or likeness or for professional representation shall disclose the contract in a manner designated by the postsecondary institution. C. A postsecondary institution may revoke or rescind any agreement or commitment to provide payment, a grant-in-aid, or other benefits to a student athlete who receives or agrees to receive payment not permitted by this Act or a collegiate athletic association with authority over the postsecondary institution and shall not be liable in damages or subjected to any injunctive relief by a court because of such revocation or rescission.