House Bill No. 1305 aims to enhance the financial literacy of student athletes at postsecondary institutions in Oklahoma. The bill amends Section 820.25 of Title 70 of the Oklahoma Statutes to require these institutions to offer financial literacy workshops that cover essential topics such as budgeting, taxes, contracts, credit and debt management, savings, investments, and entrepreneurship. The workshops must not include promotional referral program information or solicitations for financial products or services. Additionally, institutions may offer a financial literacy course for credit, which must also adhere to the same content restrictions. Student athletes are required to either participate in a minimum of five hours of workshops or successfully complete a financial literacy course within their first two semesters of engaging in name, image, and likeness activities, with non-compliance resulting in the forfeiture of eligibility for such activities.

The bill also allows postsecondary institutions to provide professional support services to student athletes, including contract review and tax preparation, without charging fees or commissions. Any professionals providing these services must disclose any potential conflicts of interest. Furthermore, institutions are authorized to contract with third parties to conduct the required financial literacy workshops. The bill emphasizes the importance of financial education for student athletes, ensuring they are well-prepared to manage their finances in relation to their name, image, and likeness activities. An emergency clause is included, allowing the act to take effect immediately upon passage and approval.

Statutes affected:
Introduced: 70-820.25
Sub Committee OR Policy Committee Recommendations (House) Policy Committee Recommendation: 70-820.25