The bill aims to regulate athlete representation and compensation for student athletes in Florida. It introduces a cap on the percentage of total compensation that an athlete agent can receive, specifically limiting it to 5% of the student athlete's earnings from endorsements and other uses of their name, image, or likeness. Additionally, the bill mandates the creation of a public database of licensed athlete agents by the Department of Business and Professional Regulation. It also requires the Florida High School Athletic Association (FHSAA) to adopt bylaws that necessitate student athletes to register any compensation received for representing their school, while prohibiting the registration of other forms of compensation.

Furthermore, the bill establishes guidelines for high school student athletes to earn compensation for their name, image, or likeness, with specific provisions for those under 18 to obtain parental consent. It outlines the responsibilities of schools and the Department of Education, including the documentation of registered advisors and the maintenance of records related to student athletes' compensation activities. The Department of Education is authorized to conduct audits to ensure compliance, and the State Board of Education is tasked with adopting rules to implement these provisions. The act is set to take effect on July 1, 2025.