(1) An athlete agent shall retain the following records for a period of five years:
(a) The name and address of each individual represented by the athlete agent;
(b) Any agency contract entered into by the athlete agent; and
(c) Any direct costs incurred by the athlete agent in the recruitment or solicitation of a student athlete to enter into an agency contract.
(2) Records required by subsection (1) of this section to be retained are open to inspection by the Department of Education during normal business hours of the athlete agent.