Austin, Texas – Texas Governor Greg Abbott signed a bill into law on Monday evening which would allow college athletes to cash in on the use of their name, image, or likeness.

Republican state Senator Brandon Creighton, who proposed the bill, said the change was intended to keep Texas' athletic programs competitive with the more than a dozen other states that have passed similar legislation, the Texas Tribune reported.

Until now, student athletes were not allowed any compensation apart from scholarships, but with the new changes, players may not receive payments from universities as well as outside sources. They can also hire agents to represent them.

The new law, which received strong bipartisan support in the Texas legislature, is set to take effect on July 1.

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As the number of states passing similar laws grows, the federal government is pushing to establish national guidelines on the issue. As it stands, student athletes who take money may lose their eligibility to play in the NCAA.

Under Texas' new rules, some restrictions still apply, including a ban on student athletes partnering with the alcohol, tobacco, casino, and firearm industries or purchasing "sexually oriented" businesses.

It is expected that under the new measures, only top football and basketball players will experience substantial personal financial gain.