Bill > HB2374

This bill proposes to deregulate athlete agents in Virginia by repealing the existing regulatory framework and establishing new consumer protection provisions. Specifically, the bill removes the current requirement for athlete agents to be registered with the state and instead creates a new set of rules governing their interactions with student-athletes. Under the new provisions, athlete agents must now execute a comprehensive agency contract that includes detailed disclosures about compensation, services, contract duration, and potential impacts on the student-athlete's eligibility. The contract must include a prominent warning to student-athletes about potential consequences of signing, such as losing athletic eligibility. The bill also makes it a prohibited practice under the Virginia Consumer Protection Act to accept compensation for representing a student-athlete without a properly executed agency contract. Additionally, the bill provides student-athletes or their guardians with the right to void contracts that do not meet the new legal requirements, without being required to return any compensation already received. These changes aim to provide more transparency and consumer protections in the athlete representation process while removing the previous state registration system for athlete agents.