1. (a) The secretary of state has the authority to approve the form of all agent and financial services contracts. All contracts must comply with §2051.203 and §2051.204 of the Texas Occupations Code (Code). 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) describe any expenses of the athlete agent that the athlete agrees to reimburse;
   5. (5) contain the disclosure statements specified in §2051.204 of the Code;
   6. (6) indicate the date that the athlete signs the contract;
   7. (7) identify the institution of higher education where the athlete attended and participated in intercollegiate sports contests; and
   8. (8) specify the time-period covered by the contract.
2. (b) The secretary of state will accept agent contracts on forms required by or approved by professional players' associations provided that the contract includes, as part of the body of the contract or in an addendum to the contract, the information related to fees and services required by §2051.203 of the Code and the disclosure statements required by §2051.204 of the Code. The disclosure language required by §2051.204 of the Code must be reproduced in the contract without change.
3. (c) If a contract fails to contain the information stated in §2051.203 or §2051.204 of the Code or this section, an athlete agent may be subject to administrative penalties and other disciplinary actions permitted by Chapter 2051 of the Code.

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; amended to be effective September 11, 2008, 33 TexReg 7511.