(1) A student athlete or, if the athlete is a minor, the parent or guardian of the athlete may cancel an agency contract by giving notice of the cancellation to the athlete agent in a record within 14 days after entering into the agency contract.
(2) The right of a student athlete or, if the athlete is a minor, the parent or guardian of the athlete to cancel an agency contract under this section may not be waived.
(3) If a student athlete, parent or guardian cancels an agency contract, the student athlete, parent or guardian is not required to pay any consideration under the contract or to return any consideration received from the athlete agent to induce the student athlete to enter into the contract.