(a)(1) An athlete agent who intends to sign an athlete to an agent contract prior to the termination of the athlete's eligibility to participate in intercollegiate sports contests at an institution of higher education shall notify the commission in writing. The athlete agent shall provide the name of the athlete and the athlete's institution of higher education and the sport or sports in which the athlete competes at such institution of higher education. The commission shall within seven business days notify in writing the athletic director of the institution of higher education attended by the athlete, provided that said institution has filed the annual report required by subsection (b) of Code Section 43-4A-4. Except as otherwise provided in this subsection for notification of the athletic director, the notice filed by the athlete agent with the commission shall be confidential information and not a public record. The athlete agent shall not be permitted to sign the athlete to an agent contract until the expiration of 30 days from the date that the commission received notice from the agent of the intention to sign such contract.

(2) An athlete agent who signs an athlete to an agent contract prior to the termination of the athlete's eligibility to participate in intercollegiate sports contests at an institution of higher education shall provide written notice of the contract to the athletic director of the institution of higher education in which the athlete is enrolled or with which the athlete has signed a national grant-in-aid. The athlete agent must give the notice before the contracting athlete practices or participates in any intercollegiate athletic event or within 72 hours after entering into the contract, whichever comes first.

(b) Prior to the signing of an agent contract, an athlete agent shall not compensate any athlete or take any other action in connection with such athlete which may jeopardize such athlete's eligibility to participate in intercollegiate sports contests at an institution of higher education.

(c) If an athlete agent fails to comply with the provisions of subsection (a) or (b) of this Code section, such athlete agent shall be liable for damages in the amount of the bond deposited pursuant to Code Section 43-4A-13 to any athletic department for which an athlete participates, which athlete was the subject of the agent contract or consideration or other action resulting in a violation of this Code section. The provisions of this subsection shall apply regardless of whether an athlete loses any eligibility to participate in intercollegiate sports contests at such institution of higher education.

(d) If an athlete agent fails to comply with the provisions of subsection (a) or (b) of this Code section, any agent contract that is negotiated by said athlete agent is void. The provisions of this subsection shall apply regardless of whether an athlete loses any eligibility to participate in intercollegiate sports contests at such institution of higher education.

(e) If an athlete agent fails to comply with the provisions of subsection (a) or (b) of this Code section, said athlete agent is subject to forfeiture of any right of repayment of anything of value either received by an athlete as an inducement to enter into any agent contract or received by an athlete before completion of the athlete's last intercollegiate sports contest.