                                 CODE OF VIRGINIA

REQUIRED FORM OF AGENCY CONTRACT (§ 54.1-534)

A. An agency contract shall be in a record signed by the parties.

B. An agency contract shall contain:

   1. A statement that the athlete agent is registered as an athlete agent in the
   Commonwealth and a list of any other states in which the agent is registered
   as an athlete agent;

   2. The amount and method of calculating the consideration to be paid by the
   student-athlete for services to be provided by the agent under the contract
   and any other consideration the agent has received or will receive from any
   other source for entering into the contract or providing the services;

   3. The name of any person not listed in the agent&#8217;s application for
   registration or renewal of registration which will be compensated because the
   student-athlete signed the contract;

   4. A description of any expenses the student-athlete agrees to reimburse;

   5. A description of the services to be provided to the student-athlete;

   6. The duration of the contract; and

   7. The date of execution.

C. Subject to subsection G, an agency contract shall contain a conspicuous
notice in boldface type and in substantially the following form:
			&#8220;WARNING TO STUDENT-ATHLETE
			IF YOU SIGN THIS CONTRACT:

   1. YOU MAY LOSE YOUR ELIGIBILITY TO COMPETE AS A STUDENT-ATHLETE IN YOUR
   SPORT;

   2. IF YOUR EDUCATIONAL INSTITUTION HAS AN ATHLETIC DIRECTOR, WITHIN 72 HOURS
   OF 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

   3. YOU MAY CANCEL THIS CONTRACT WITHIN 14 DAYS. HOWEVER, CANCELLATION OF THIS
   CONTRACT DOES NOT GUARANTEE REINSTATEMENT OF YOUR ELIGIBILITY AS A
   STUDENT-ATHLETE IN YOUR SPORT.&#8221;

D. An agency contract shall be accompanied by a separate record signed by the
student-athlete or, if the student-athlete is a minor, the parent or guardian of
the student-athlete acknowledging that signing the contract may result in the
loss of the student-athlete&#8217;s eligibility to participate in the
student-athlete&#8217;s sport.

E. A student-athlete or, if the student-athlete is a minor, the parent or
guardian of the student-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.

F. At the time an agency contract is executed, the athlete agent shall give the
student-athlete or, if the student-athlete is a minor, the parent or guardian of
the student-athlete a copy in a record of the contract and the separate
acknowledgement required by subsection D.

G. If a student-athlete is a minor, an agency contract shall be signed by the
parent or guardian of the student-athlete and the notice required by subsection
C shall be revised accordingly.

HISTORY: 2020, c. 481, § 54.1-527.