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Florida legislator claims the NIL deal signed by Bears DT Gervon Dexter was considered a predatory loan

Bears 2nd round draft pick is suing NIL company after signing the worst NIL deal ever created
Florida legislator claims the NIL deal signed by Bears DT Gervon Dexter was considered a predatory loan

Yesterday, Gervon Dexter made the news after it was discovered he filed a lawsuit against an NIL company called BLA or Big League Advance Fund for a crazy contract.

Dexter reportedly signed a deal while in college to pay him 436,485 dollars in exchange for 15 percent of his pre-taxed NFL earnings over the next 25 years, in exchange for he one time payment. This lawsuit was filed in Gainesville, Florida on Friday of last week.

Well now Florida legislator Chip LaMarca who was on the initial board has chimed in on the NIL deal calling it a predatory loan.

“Obviously, we wanted to expose college athletes to the same free market that other college students had, but at the same time we wanted to offer some protections,” LaMarca said. “We wanted to make sure that they didn’t get taken advantage of, and this is exactly what we expected to be able to protect, but we also didn’t want to see it happen.

“It looks like what happened with him was really nothing more than a predatory loan by an out-of-state LLC from Delaware. No agent involved, no compliance, no review of a contract and all that. So it’s pretty scary to think that this can happen. He’s done all the right things. He has succeeded. He is in the NFL, and he’s got this hanging over his head.”

Dexter’s attorneys are asking a federal judge to void his agreement with BLA because it does not conform with Florida’s NIL law and the state’s athlete agent statute.

According to ESPN, his lawyers allege that the agreement did not include specific language required under the agent statute, the company failed to notify Florida athletic director Scott Stricklin of the deal, and BLA and its agents weren’t licensed in Florida.

This is why it is so important for kids to read any contract they are signing. Have a teacher or a professor overlook it before signing it. Not all money is good money.

The crazy thing is the BLA website has Elly De La Cruz as a client too. Some attorneys need to reach out to him as well, before his big pay day because I am sure he signed a similar deal.

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