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![handle is hein.nccusl/nccpub4711 and id is 1 raw text is: [Section 5A. Name, Image, and Likeness Trust Creation; Compensation Distribution
[(a) Each institution in this state that sponsors an intercollegiate athletic program shall
establish a Name, Image and Likeness Trust for the purpose of receiving any name,
image, and likeness compensation paid to its college student athletes. The Trust:
[(1) May be administered by the institution or by a person that is not affiliated
with the institution and is experienced in trust administration;
[(2) Shall be administered in accordance with the laws of this state; and
[(3) May charge a reasonable trust administration fee for managing payments to
and distributions from the Trust that is no greater than such fees normally charged by
private sector trust companies that are in the vicinity of, and are not affiliated with, the
institution.
[(b) The institution shall appoint a student athlete advisory committee, consisting of
college student athletes representing revenue-producing and non-revenue
intercollegiate sports programs at the institution, with the authority to advise and
monitor the administration of the Trust.
[(c) Each name, image, and likeness agreement shall provide that any name, image, and
likeness compensation paid for the use of a college student athlete's name, image and
likeness shall be payable to the Name, Image, and Likeness Trust at the institution at
which that athlete is enrolled.
[(d) Upon receipt of any name, image and likeness compensation, the Trust shall within
a reasonable time pay any amounts owed, if any, by the college student athlete who
generated the compensation to that athlete's name, image, and likeness agent and third
party.
[(e) The Trust shall allocate the remaining name, image and likeness compensation
generated by a college student athlete during any calendar as follows:
[(1) The first up to [$5,000] earned during each calendar year, in a lump sum, to
the athlete who generated that compensation.
[(2) Any remaining compensation in excess of [ $5000]:
[(i) [Fifty] percent to the college student athlete who generated the
compensation;
[(ii) [Thirty] percent in equal amounts to each other college student
athlete at that institution who during that calendar year was a member of the
same intercollegiate sports program as the college student athlete who
generated the compensation; and](ViewImageLocal?handle=hein.nccusl/nccpub4711&div=1&collection=&method=preview&ext=.png&size=3)