(1) By December 31, 2020 and by December 31, 2021, any nonprofit trade association that represents postsecondary educational institutions in this state shall provide for each of those years, respectively, a written summary of both of the following to the chair of the appropriations committee of the house of representatives, the chair of the appropriations committee of the senate, and the chair of the ways and means committee of the house of representatives:

    (a) Progress made by the National Collegiate Athletic Association toward the development of a national policy, including updates to relevant bylaws and rules, on student athlete name, image, and likeness compensation, as directed by that association’s board of governors on October 29, 2019.

    (b) Congressional action on legislation on student athlete name, image, and likeness compensation, including, but not limited to, the proposed congressional advisory commission on intercollegiate athletics act of 2019, as proposed by H.R. 5528 of the 116th Congress.

    (2) By June 30, 2022, any nonprofit trade association that represents postsecondary educational institutions in this state shall provide to the chair of the appropriations committee of the house of representatives, the chair of the appropriations committee of the senate, and the chair of the ways and means committee of the house of representatives a written summary of the preparedness of the association’s respective member institutions toward implementation of this act.