50 States in 50* Days - Illinois Athlete Agent Regulation

Okay, okay. I realize that Illinois should have been up next in the 50 States in 50* Days Series, but can you really blame me?  It is one of a handful of states that does not have a state law regulating the activities of its athlete agents.  Cut me some slack while I try to make this post longer than three sentences.

Northern Illinois University's compliance folks have set up a webpage for Sports Agent / Financial Advisor information, but the links to the NIU Agent Policy and Agent Registration form aren't links at all.

Illinois is mentioned in Chapter 7 of The Business of Sports Agents Second Edition (review coming soon), as the authors discuss whether attorney agents are subject to the ethical rules that govern attorneys.  A 1980 advisory opinion of the Illinois State Bar Association concluded that "when an attorney engaged in the private practice of law represents a client in contract negotiations and general business counseling, these activities constitute the practice of law."  Pretty interesting considering that not many courts or governing bodies have even opined on the issue that in one state that has there isn't a law governing agent activity.  

Not that attempts haven't been made.  The Illinois Legislature has introduced the Uniform Athlete Agents Act a couple of times over the last several years, but obviously to no avail. 

There is hope - Colorado recently passed the UAAA after some failed attempts -  stay tuned for an update on the happenings in Colorado.