(a) The secretary of state has the authority to approve the form of all agent and financial services contracts. All such contracts shall:
- (1) include the fees the agent may charge to and collect from the athlete and a description of the various services to be rendered in return for each fee;
- (2) contain the disclosure statements specified in the Athlete Agents Act, §5(b)(1), (2), and (3);
- (3) indicate the date that the athlete signs the contract;
- (4) identify the institution of higher education where the athlete attended and participated in intercollegiate sports contests.
- (b) If a contract fails to contain the information stated in this rule or if the contract is not filed within the time specified in §78.50 of this title (relating to the Initial Filing Date), an athlete agent may be subject to administrative penalties and other disciplinary action by the secretary of state.
Source Note:The provisions of this §78.51 adopted to be effective December 24, 1992, 17 TexReg 8729.