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(1) Beginning July 1, 1998, each contract for the payment of royalties between a proprietor and a performing rights society or organization executed, issued, or renewed in the state shall:
(a) be in writing;
(b) be signed by both parties to the contract; and
(c) include at least the following information:
(i) the proprietor's name and business address and the name and location of each place of business to which the contract applies;
(ii) the name and business address of the performing rights society or organization;
(iii) the duration of the contract; and
(iv) the schedule of rates and terms of royalties to be collected under the contract, including any sliding scale, discount, or schedule for any increase or decrease of those rates for the duration of the contract.
(2)
(a) Nothing in this act shall be construed to affect any contract signed before July 1, 1998.
(b) All contracts signed before July 1, 1998, that are renewed after that date are subject to the requirements of this act.