(a) With respect to any athlete agent who has had either a criminal or administrative penalty imposed against him or her under the Uniform Athlete Agents Act, § 17-16-101 et seq., as adopted by the State of Arkansas or any other State, in two (2) or more prior instances:

(1) an educational institution has a right of action against an athlete agent or a former student-athlete for damages caused by a violation of this subchapter. In an action under this section, the court may award to the prevailing party costs and reasonable attorney's fees;

(2) damages of an educational institution under paragraph (1) include losses and expenses incurred because, as a result of the conduct of an athlete agent or former student-athlete, the educational institution was injured by a violation of this subchapter or was penalized, disqualified, or suspended from participation in athletics by a national association for the promotion and regulation of athletics, by an athletic conference, or by reasonable self-imposed disciplinary action taken to mitigate sanctions likely to be imposed by such an organization;

(3) a right of action under this section does not accrue until the educational institution discovers or by the exercise of reasonable diligence would have discovered the violation by the athlete agent or former student-athlete; and

(4) any liability of the athlete agent or the former student-athlete under this section is several and not joint.

(b) This subchapter does not restrict rights, remedies, or defenses of any person under law or equity.