I think this is mostly right as long as by "direct students to agencies" you mean generally advise them that such businesses exist and may be helpful to them rather than point them to one or two preferred entities.
This is correct if your sole focus is on NCAA compliance (which I assume is what you mean). State laws are independent of any NCAA guidance or lack of guidance, so any state could absolutely open up more opportunities than what the NCAA or a member institution might allow. For example, the NCAA might prohibit students from partnering with or promoting businesses engaged in sports gambling. That doesn't mean that Iowa, to pick a state at random, might not have a law in place that says a student can promote any legal business, including sports gambling. A student engaging in that practice would not violate the law, but may violate NCAA guidelines.
And yes, I agree that institutions like Minnesota are better off without a state law in place.