Summary of Original Version

Create a new section of KRS 164.6941 to 164.6951 to define terms; require an intercollegiate athletics enterprise that provides a cumulative sum of more than $1,000 to coaches and student-athletes to register with the Council on Postsecondary Education; provide for the terms of the license, require the reporting of contracts and amounts of intercollegiate athletics compensation; set the registration fee at 10% of all compensation provided to student-athletes and coaches during the previous year; deposit fees into restricted scholarships account; create a new section of KRS Chapter 164 to distribute moneys to postsecondary institutions proportionally to the intercollegiate athletics compensation received by the institution's student-athletes and coaches; require postsecondary institutions to establish a scholarship program with funds received, set requirements for scholarship program, EFFECTIVE January 1, 2027.