(1) Any student-athlete who enters into a contract or agreement that provides compensation for the use of such student-athlete's name, image, or likeness rights or athletic reputation shall disclose such contract or agreement to an official of the postsecondary institution for which such student-athlete participates in an intercollegiate sport. The official to which such contract or agreement shall be disclosed shall be designated by each postsecondary institution, and the designation shall be communicated in writing to each student-athlete participating in an intercollegiate sport for such postsecondary institution. Except as provided in subsection (2) of this section, or unless otherwise required by law, each postsecondary institution shall be prohibited from disclosing any information written, produced, collected, assembled, or maintained by such postsecondary institution that includes or reveals any term of a contract or agreement or proposed contract or agreement for the use of a student-athlete's name, image, or likeness rights or athletic reputation.

(2) If any contract or agreement is entered into by an entity subject to sections 84-712 to 84-712.09 for the use of a student-athlete's name, image, or likeness rights or athletic reputation, such contract or agreement shall be considered a public record subject to sections 84-712 to 84-712.09.