§18B-22-2. Authority of institutions relating to name, image, and likeness.

(a) Under the provisions of this article, institutions may

(1) Enter into agreements providing for the compensation of student-athletes for the use of the student-athlete’s name, image, or likeness;

(2) Share a portion of the revenues generated by an intercollegiate athletic department with the student-athlete;

(3) Condition such compensation based on terms and conditions established by the institution, including provisions limiting the ability of the student-athlete to earn compensation from other persons or entities, including, but not limited to, prohibited endorsements, conflicting endorsements, and activities during official team activities and a requirement that the student-athlete disclose any similar agreements with other persons or entities; and

(4) Identify, create, negotiate, facilitate, support, engage with, or otherwise assist a student-athlete with respect to a name, image, or likeness opportunity:

(b) Subject to the authority in subsection (a) of this section, student-athletes may earn compensation for the student athlete’s name, image, or likeness; endorsement; or related activity, including directly from the institution where the student-athlete is enrolled, and the student-athlete may retain an athlete agent or attorney in connection with issues related to name, image, or likeness; endorsement; and related activity: Provided, That nothing in this article may be construed to qualify a student-athlete as an employee of an institution because the student-athlete engages in name, image, or likeness; endorsement, or revenue sharing opportunities; Provided, however, That institutions may not use any moneys appropriated by the Legislature to compensate a student-athlete for the student-athlete’s name, image, or likeness; endorsement, or revenue sharing activities.