Effective: March 22, 2001
Latest Legislation: House Bill 107 - 123rd General Assembly
(A) Fees charged by an athlete agent for services provided to an athlete may be negotiated between the parties.
(B)(1) Except as provided in division (B)(2) of this section, an athlete agent shall establish an interest-bearing trust fund or similar account in a depository approved by the Ohio athletic commission to be used for the deposit of all revenues received on behalf of an athlete. An athlete agent shall deposit any revenue received on behalf of an athlete in the interest-bearing trust fund or account. The athlete agent shall notify the commission of the address and location of the trust fund or account and the depository in which it is located.
(2) An athlete agent who is an attorney licensed to practice law in this state may deposit any revenue received on behalf of an athlete in a trust account already maintained by the agent attorney in a financial institution in this state for the deposit of revenue received on behalf of clients.
(C) No athlete agent shall share fees with any person other than an employee of the athlete agent. If an athlete agent shares a fee with an employee, the athlete agent shall obtain written consent from the athlete prior to entering a fee agreement with the athlete. No athlete agent shall enter fee agreements that are prohibited under this chapter.
(D) If an athlete agent collects a fee or expense from an athlete as consideration for obtaining employment for the athlete, and the athlete agent fails to procure such employment, the agent shall retain only the following portion of the fee or expense:
(1) The cost of reasonable expenses incurred by the athlete agent during the course of representing the athlete in efforts to obtain employment for the athlete;
(2) A negotiated fee in connection with instances where the athlete receives a bonus or some compensation for signing a professional sports services contract.
(E) Nothing in this section shall be construed to limit the authority of the Ohio supreme court to establish or regulate fees for activities considered to be the practice of law.
Structure Ohio Revised Code
Title 47 | Occupations-Professions
Section 4771.01 | Athlete Agent Definitions.
Section 4771.02 | Athlete Agent Contract With Athlete - Requirements.
Section 4771.03 | Action on Agent Contract.
Section 4771.04 | Status of Agent Contracts.
Section 4771.05 | Athletic Commission Duties.
Section 4771.06 | Certificate of Registration Required.
Section 4771.07 | Applying for Registration.
Section 4771.08 | Issuing Certificate of Registration or Temporary Certificate.
Section 4771.09 | Issuing Certificate of Convenience.
Section 4771.10 | Continuing Education.
Section 4771.11 | Proof of Security.
Section 4771.12 | Fees of Agent.
Section 4771.13 | Investments of Athletes.
Section 4771.14 | Maintaining Records.
Section 4771.15 | Authorized Conduct.
Section 4771.16 | Advertisements.
Section 4771.17 | Prohibited Acts.
Section 4771.18 | Disciplinary Actions.
Section 4771.19 | Civil Actions.
Section 4771.20 | Civil Actions - Institution of Higher Education.
Section 4771.21 | Jurisdiction - Service of Process.
Section 4771.22 | Athlete Agents Registration Fund.
Section 4771.23 | Compliance With Law Regarding Sanctions for Human Trafficking.