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Assembly hearing spotlights predatory NIL contracts and calls for standardized financial literacy for student athletes
Summary
At a May 5 informational hearing, Assembly committee members heard students, educators and athletics officials describe predatory NIL advances and urged standardized, ongoing financial-literacy requirements, mandatory legal review of contracts, and stronger safeguards for students who sign NIL agreements.
SACRAMENTO, Calif. — Lawmakers, student athletes and university officials told a California State Assembly informational hearing May 5 that the rapid rise of name, image and likeness (NIL) deals has created opportunities for college and high-school athletes — and a new marketplace vulnerable to predatory advances, opaque contracts and wide variation in institutional protections.
Chairman Ward opened the session of the Assembly Committee on Arts, Entertainment, Sports, and Tourism by noting California’s early role in shaping NIL laws and saying the committee wanted to know whether student athletes are receiving sufficient financial education to navigate new offers and contracts.
"NIL created opportunity, but it has also created a new and unregulated financial marketplace," financial educator Tyree Dillingham testified, describing gaps in budgeting, tax literacy and contract comprehension among…
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