(a) An athlete agent shall retain the following records for a period of 5 years:
(1) the name of each individual represented by the athlete agent;
(2) the address of each individual represented by the athlete agent;
(3) any agency contract entered into by the athlete agent; and
(4) any direct costs incurred by the athlete agent in the recruitment or solicitation of a student-athlete to enter into an agency contract.
(b) Records required to be retained by subsection (a) of this section are open to inspection by the Secretary during normal business hours.