Application For Certificate Of Registration/renewal As An Athlete Agent Form (Page 8 of 9) in pdf

of the athlete agent on file at the office of the secretary of state.

3. A certificate of registration issued under this section is valid for one year from the date of issuance.

A registered athlete agent may renew the certificate by filing a renewal application in the form prescribed by the

secretary of state, accompanied by any applicable renewal fee.

4. The secretary of state shall:

a. Establish a reasonable registration fee sufficient to offset expenses incurred in the administration of

this chapter.

b. Adopt rules necessary for the implementation and administration of this chapter.

9A.4

RESIDENT AGENT REQUIRED.

A person registered under this chapter as an athlete agent who is not a resident of this state, or does not

have a principal place of business in this state, shall not engage in any activity as an athlete agent in this state

unless that person has entered into an agreement with a person who is a resident of this state or whose principal

place of business is in this state, who is licensed pursuant to section 602.10101, and who is registered under this

chapter as an athlete agent, to act on behalf of the nonresident athlete agent. The agreement shall provide that the

resident athlete agent shall act as attorney in fact, on whom all process in any action involving the nonresident

athlete agent may be served as well as any other duties as negotiated by the nonresident and resident athlete

agent. The agreement shall be filed with the secretary of state and shall include the name and address of the

resident athlete agent.

9A.5

DENIAL OF CERTIFICATE OF REGISTRATION.

The secretary of state may deny, suspend, or revoke an athlete agent's certificate of registration, following a

hearing where a determination is made that the athlete agent has engaged in any of the following activities:

1. Made false or misleading statements of a material nature in the athlete agent's application for a

certificate of registration or renewal of a certificate of registration.

2. Misappropriated funds, or engaged in other specific acts such as embezzlement, theft, or fraud,

which in the judgment of the secretary of state would render the athlete agent unfit to serve in a

fiduciary capacity.

3. Engaged in other conduct, including, but not limited to, conduct contributing to sanctions or disci-

plinary action against any student athlete or institution of higher education, whether within this state or not, which in

the judgement of the secretary of state relates to the athlete agent's fitness to serve in a fiduciary capacity.

4. Engaged in a material violation of this chapter or a rule adopted pursuant to this chapter, as shown

by a preponderance of the evidence. The suspension or revocation of an agent's registration may be reviewed

pursuant to chapter 17A.

9A.6

BOND REQUIRED FROM ATHLETE AGENT.

1. An athlete agent shall have on file with the secretary of state before the issuance or renewal of a

registration certificate, a surety bond executed by a surety company authorized to do business in this state in the

sum of twenty-five thousand dollars, which bond shall be continuous in nature until canceled by the surety. A surety

shall provide at least thirty days' notice in writing to the agent and to the secretary of state indicating the surety's

intent to cancel the bond and the effective date of the cancellation. The surety bond shall be for the benefit of the

citizens of this state and shall be conditioned upon the athlete agent's willingness to comply with this chapter, pay

all amounts due to any individual or group of individuals when due, and pay all damages caused to any student

athlete or institution of higher education by reason of intentional misstatement, misrepresentation, fraud, deceit or

any unlawful or negligent acts or omissions by the registered athlete agent or the athlete agent's representative or

employee while acting within the scope of employment. This section shall not limit the recovery of damages to the

amount of the surety bond.

2. The bond shall be made in a form prescribed by the secretary of state and written by a company

authorized by the secretary of state to do business within the state.

9A.7

AGENT CONTRACT.

1. An agent contract to be entered into by a registered athlete agent and a student athlete who has not

previously signed a contract of employment with a professional sports team shall be on a form approved by the

secretary of state. Approval of the form shall not be withheld unless the proposed form is unfair, unjust, or oppressive

to the student athlete. If the form of the contract is in compliance with any players association form contract, the

contract shall be approved by the secretary of state.

2. The agent contract shall have printed on the face of the contract in bold print the following: "The

athlete agent is registered with the secretary of state. Registration does not imply approval or endorsement by the

Application For Certificate Of Registration/renewal As An Athlete Agent Form Page 8

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