Illinois General Assembly - Bill Status for HB4540

Creates the Illinois Athlete Agents Act of 2021. Requires licensure of agents for student-athletes with the Department of Financial and Professional Regulation and establishes qualifications for licensure and requirements for athlete agents. Creates provisions concerning the address of record and email address of record; powers and duties of the Department; application for licensure; restoration of license; grounds for disciplinary action; required form of contracts; right to cancel the contract; notice to educational institutions; injunctive action and cease and desist orders; investigations, notice, and hearings; restoration from disciplinary status; summary suspension of a license; and administrative review. Establishes recordkeeping requirements for athlete agents. Prohibits athlete agents from engaging in specified conduct, subject to criminal and civil penalties. Includes other provisions. Preempts home rule powers. Effective January 1, 2021.

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