1. (a) The secretary of state has the authority to approve the form of all agent and financial services contracts. All such contracts shall:

   1. (1) include the amount and method of computing 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. (2) specify any other consideration the athlete agent received or will receive from any other source for entering into the contract; or for providing the services;
   3. (3) identify the name of any person not listed in the application for registration or renewal of registration who will be compensated because the athlete signed the contract;
   4. (4) contain the disclosure statements specified in the Athlete Agents Act, §5(b)(1), (2), (3), (4) and (5);
   5. (5) indicate the date that the athlete signs the contract;
   6. (6) identify the institution of higher education where the athlete attended and participated in intercollegiate sports contests; and
   7. (7) specify the time-period covered by the contract.
2. (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; amended to be effective October 19, 2003, 28 TexReg 9071.