House Bill No. 1305, introduced by Representative Lowe, amends Section 820.25 of Title 70 of the Oklahoma Statutes to enhance financial literacy education for student athletes engaged in name, image, and likeness (NIL) activities. The bill mandates that postsecondary institutions offer financial literacy workshops that cover essential topics such as budgeting, taxes, contracts, credit and debt management, savings, investments, and entrepreneurship. These workshops must not include promotional referral program information or solicitations for financial products. 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 complete a financial literacy course within their first two semesters of engaging in NIL activities, with non-compliance resulting in the forfeiture of eligibility for such activities.

Furthermore, the bill allows postsecondary institutions to provide professional support services to student athletes, including contract review and tax preparation, without charging fees or commissions. Any professionals involved must disclose any potential conflicts of interest related to third-party contracts. Institutions are also permitted to contract with third parties to facilitate the required financial literacy workshops. The bill declares an emergency, allowing it 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