Podcasts highlights key concepts in Name, Image, and Likeness as many colleges may be already be non-compliant by state law.
LOS ANGELES, CA, USA, September 14, 2021 /EINPresswire.com/ — The NIL XChange, a leading disclosure company specializing in Name, Image, and Likeness compliance, released parts 1 and 2 of its podcast which was co-created with Nixon Peabody (www.nixonpeabody.com), a national law firm over 700 attorneys throughout the United States. The entire podcast is made up of four parts and highlights issues such as financial literacy and tax liability as probable challenges faced by colleges and students during the NIL era. The final two parts of the podcast will be released on September 17, and can be found at www.nilxchange.com/resources.
SB 26 was signed into law by Governor Gavin Newsom on August 31, 2021, with most provisions beginning September 1, 2021. Among the most important is the student-athlete’s obligation to self-report NIL earnings to their athletic departments. Because students will be handing over sensitive financial and legal information, colleges need to be prepared in how they track, handle, band disseminate this data. Additionally, under the law, colleges themselves are also obligated to disclose their endorsement agreements should an infraction arise.
The podcast highlights a conversation between Thaddeus Stauber, partner at Nixon Peabody and Genaro Trejo, former CA Assembly appointee to the Statutory California Community College Athlete NIL Workgroup, who is now CEO of The NIL XChange™.
The NIL XChange has created a comprehensive solution that uses its subject matter expertise as well as its proprietary process and secure tracking, to help protect both the student and the college. Serving as an important education and compliance resource, The NIL XChange helps athletic directors with data gathering and serves as financial literacy tool that is free of charge to students. Because The NIL XChange helps colleges comply by a state mandate, the service is reimbursable to community colleges.
“We felt it necessary to work collaboratively with legal experts that are thought leaders as well,” said NIL XChange CEO, Genaro Trejo. “The podcast introduces case studies that present situations often faced by community college students and athletic directors. It also adds insight on how to best tackle possible liability problems faced by athletic departments.”
About The NIL XChange™
The NIL XChange was founded by the members of the statutory California Colleges Athlete Name, Image, and Likeness Workgroup, along with legal, finance and compliance experts, many of whom were college athletes themselves. By using The NIL XChange™, students are educated on key financial concepts while kept current on the newest regulatory developments. In providing the service, colleges are given the confidence in knowing that they are taking an active step in mitigating inadvertent violations and protecting students, all while complying by state law. The NIL XChange ™ Report and process are backed by $1 Million in errors and omissions policy. Go to www.nilxchange.com and www.nilxchange.com/resources for more information.
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