Relates to student-athlete name, image, and likeness compensation

This bill updates New York State law to clarify how colleges and student-athletes can handle compensation based on a student's name, image, and likeness. It directly affects colleges, athletic governing bodies like the NCAA, and student-athletes by prohibiting schools from enforcing rules that block such earnings. Key provisions require colleges to allow athletes to earn this money without penalty and forbid governing bodies from punishing schools for permitting it. The legislation also mandates that contracts for minors include parental consent and a five-day cancellation period, while requiring all representatives to have a fiduciary duty to act in the student-athlete's best interest.