Remove prohibition on certain compensation for collegiate student-athlete's name/image/likeness

Added a specific definition for 'student-athlete rights' to clarify that these rights include earning compensation for NIL use and retaining professional representation.

Removed prohibitions on institutions providing compensation for NIL use and added protections against penalizing student-athletes for exercising their rights.

Revised contract disclosure rules to require student-athletes to disclose NIL contracts to institution officials if they are team members or seeking to become team members.

Clarified that eligibility requirements for scholarships cannot be used to force student-athletes to refrain from exercising their NIL rights.

Changed the effective date provision to state that the act is effective upon passage and approval.