Bill No. 490 amends the Student Athlete Name, Image, and Likeness Rights Act to enhance the rights of student athletes regarding compensation for their name, image, and likeness. Key changes include allowing student athletes to earn payments without penalties affecting their eligibility for athletic grants, and clarifying that postsecondary institutions or authorized third parties can provide professional representation and payment for student athletes. The bill prohibits the use of state funds for such payments and removes the requirement for a release or license for the use of a student athlete's name, image, or likeness for certain purposes. Additionally, it allows for the revocation of agreements if payments are not permitted by the Act, without liability for the institution.

Further amendments include the removal of time limits for disclosure of contracts related to name, image, and likeness agreements, and the establishment of guidelines for professional representation agreements. The bill also emphasizes that student athletes are not considered employees of their institutions based on their receipt of payments permitted by the Act. Institutions may impose reasonable restrictions on name, image, and likeness activities to prevent interference with team operations and may require student athletes to undergo education on contracts and financial literacy. An emergency clause is included, allowing the bill to take effect immediately upon passage.

Statutes affected:
Introduced: 70-820.23, 70-820.24, 70-820.25
Committee Substitute: 70-820.23, 70-820.24, 70-820.25
Floor (Senate): 70-820.23, 70-820.24, 70-820.25
Engrossed: 70-820.23, 70-820.24, 70-820.25