No performing rights society or organization may enter into, or offer to enter into, a contract for the payment of royalties by a proprietor unless at the time of the offer, or any time thereafter, but no later than 72 hours prior to the execution of the contract, it provides to the proprietor, in writing, a schedule of the rates and terms of royalties under the contract, including:

1. (1) any sliding scale, discounts, or reductions in fees on any basis for which the proprietor may be eligible; and
2. (2) any scheduled increases or decreases in fees during the term of the contract.

Enacted by Chapter 324, 1998 General Session