5.__Record of contract to student athlete.__The athlete agent shall give a record of the signed or otherwise authenticated agency contract to the student athlete at the time of execution.

Comment

This section is intended to provide protection to the student athlete by requiring a form of agency contract similar to those required in some consumer transactions. The Drafting Committee preferred to require that agency contracts be in traditional written form. However, the adoption of the Electronic Signatures in Global and National Commerce Act (see Section 19 [Maine cite section 249]) eliminated that option.

A student athlete who opts to void an agency contract under this section because it does not comply with the specified form is not required to return any consideration received to induce the signing of the agency contract because such inducement is prohibited conduct under Section 14 [Maine cite section 244].

The compensation referred to in subsection (b)(2) [Maine cite subsection 2, paragraph B] is compensation for services intended to induce the student athlete to sign an agency contract. It does not include compensation individuals may receive because an athlete agent has been successful in securing an agency contract. For example, the compensation paid employees of an athlete agent who did not participate in inducing the student athlete to sign an agency contract is not compensation under subsection (b)(2) [Maine cite subsection 2, paragraph B] even though their compensation may be made possible by the income resulting from the agency contract.

Subsection (b) [Maine cite subsection 2] contains references to a student athlete in a time context in which the individual may be a former student athlete. This is done for simplicity in drafting. It should be noted that violation of eligibility rules adopted by an educational institution or a national association is not automatic and does not occur until a determination has been made by the educational institution or the national association.