Restricts the use of noncompete agreements that prohibit individuals from competing with former employers, including nonprofits; restricts the use of "stay-or-pay" provisions that require employees to repay certain costs to an employer when separating from employment; allows noncompete agreements in limited circumstances, such as sales and dissolutions of businesses; requires notice to employees that existing stay-or-pay and noncompete agreements that violate the Act are null and void.