Tennessee § 49-7-2110 - Required form of agency contract.

§ 49-7-2110. Required form of agency contract.

An agency contract shall be in writing and shall be signed, or otherwise authenticated, by the parties in the presence of a notary public who shall duly notarize the contract. An agency contract shall contain: A statement that the athlete agent is registered as an athlete agent in this state and a list of any other states in which the agent is registered as an athlete agent; The amount and method of calculating the consideration to be paid by the student athlete for services to be provided by the athlete agent under the contract and any other consideration the athlete agent has received, or will receive, from any other source for entering into the contract or for providing the services; The name of any person not listed in the application for registration, or renewal of registration, who will be compensated because the student athlete signed the agency contract; A description of any expenses that the student athlete agrees to reimburse; A description of the services to be provided to the student athlete; The duration of the contract; The address of the athlete agent to which notices, including notice of cancellation pursuant to § 49-7-2112, shall be sent; and The date of execution. Subject to subsection (g), an agency contract must contain a conspicuous notice in boldface type and in substantially the following form: WARNING TO STUDENT-ATHLETE IF YOU SIGN THIS CONTRACT: YOU MAY LOSE YOUR ELIGIBILITY TO COMPETE AS A STUDENT ATHLETE IN YOUR SPORT; IF YOU HAVE AN ATHLETIC DIRECTOR, WITHIN 72 HOURS AFTER SIGNING THIS CONTRACT OR BEFORE THE NEXT SCHEDULED ATHLETIC EVENT IN WHICH YOU PARTICIPATE, WHICHEVER OCCURS FIRST, BOTH YOU AND YOUR ATHLETE AGENT MUST NOTIFY YOUR ATHLETIC DIRECTOR THAT YOU HAVE ENTERED INTO THIS CONTRACT AND PROVIDE THE NAME AND CONTACT INFORMATION OF THE ATHLETE AGENT; AND YOU MAY CANCEL THIS CONTRACT WITHIN 14 DAYS AFTER SIGNING IT. CANCELLATION OF THIS CONTRACT MAY NOT REINSTATE YOUR ELIGIBILITY AS A STUDENT ATHLETE IN YOUR SPORT. An agency contract must be accompanied by a separate record signed and notarized by the student athlete or, if the athlete is a minor, the parent or guardian of the athlete acknowledging that signing the contract may result in the loss of the athlete’s eligibility to participate in the athlete’s sport. A student athlete or, if the athlete is a minor, the parent or guardian of the athlete may void an agency contract that does not conform to this section. If the contract is voided, any consideration received from the athlete agent under the contract to induce entering into the contract is not required to be returned. At the time an agency contract is executed, the athlete agent shall give the student athlete or, if the athlete is a minor, the parent or guardian of the athlete a duly signed and notarized copy in a record of the contract and the separate acknowledgement required by subsection (d). If a student athlete is a minor, an agency contract must be signed and notarized by the parent or guardian of the minor and the notice required by subsection (c) must be revised accordingly. Any contract executed pursuant to this section shall be governed by the laws of this state. Acts 2017, ch. 216, § 1. Compiler's Notes. Former part 21, §§ 49-7-2101 — 49-7-2123 (Acts 2001, ch. 342, § 1; 2011, ch. 424, §§ 1-11; Acts 2012, ch. 519, § 3; T.C.A., § 49-7-2122 — 49-7-2144 ), concerning the Athlete Agent Reform Act of 2011, was repealed by Acts 2017, ch. 216, § 1 which enacted a new part 21, effective September 1, 2017.