An athletic association, conference, or other group or organization with authority over intercollegiate athletics, including the national collegiate athletic association or its successor organization, shall not do either of the following:

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(A) Prevent a student of a state institution of higher education or private college from fully participating in intercollegiate athletics because the student earns compensation as a result of the use of the student’s name, image, or likeness;

(B) Prevent a state institution of higher education or private college from fully participating in intercollegiate athletics because a student of that institution or college participating in intercollegiate athletics does either of the following:

(1) Uses the student’s name, image, or likeness;

(2) Obtains professional representation in relation to contracts or legal matters regarding opportunities to earn compensation for use of the student’s name, image, or likeness.