(a) An athlete agent shall retain the following records for a period of five years:
(1) the name and address of each individual represented by the athlete agent;
(2) any agency contract entered into by the athlete agent; and
(3) 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 by subsection (a) to be retained are open to inspection by the Lieutenant Governor during normal business hours.