An athlete agent must retain the following records for a period of five years:
(1) the name and address of each individual represented by the athlete agent;
(2) any agency contract entered into by the athlete agent; and
(3) any direct costs incurred by the athlete agent in the recruitment or solicitation of a student athlete to enter into an agency contract.
Records required by subdivision 1 to be retained are open to inspection by the commissioner during normal business hours.