Athlete agent bond cost
The Texas Secretary of State requires athlete agents to post $50,000 surety bonds.These bonds are subject to underwriting, which means the amount applicants pay for their bonds is based on a review of their personal credit reports. Applicants with strong financial credentials could qualify for a 1% rate, or just $500. The best way to find out exactly how much you’ll pay for your bond is to apply for your free bond quote now!
Why this bond
Texas athlete agent surety bonds are put in place to ensure that principals (athlete agents) do the following:
- faithfully discharge all obligations, duties and responsibilities under Chapter 2051, Occupations Code
- pay any administrative penalty under sub chapter J, Chapter 2051
- pay damages awarded to an institution of higher education or an athlete as a result of the agent offering or providing a thing of value to an athlete or family member of the athlete
The bond protects the state and any person harmed as a result of the agent’s unethical and unlawful business practices.
Athlete agent bond details
Athlete agent surety bonds in Texas must be maintained for at least 2 years after the date the principal ceases to provide financial services to an athlete or the date the principal’s certificate of registration expires, whichever is later.
These bonds remain in full force and effect until canceled or terminated. The principal or the surety can cancel the bond by providing written notice of intent to cancel to the Secretary of State, Registrations Unit at least 60 days prior to the effective date of cancellation. If the surety cancels the bond, it must notify the principal of the impending cancellation within the same time frame.
Become an athlete agent
To become a registered athlete agent in Texas, applicants must:
- determine the type of registration: professional or limited
- Professional athlete agents must be certified by at least one national professional sports association, such as the National Football League Players Association, National Basketball Players Association, Major League Baseball Players Association, National Hockey League Players’ Association or United States Soccer Federation.
- Limited athlete agents are not required to be certified by a national professional sports association, but can only represent an athlete in a sport that does not have a national professional sports association that certifies or licenses agents, such as golf or tennis.
- provide the following items with the signed application
- financial services surety bond for $100,000 OR affidavit (Form 2502 or 2503)
- surety bond for $50,000 (Form 2504)
- separate supplement for each financially interested party (Form 2506)
- applicant contact sheet (Form 2507)
- $500 registration fee
Registrations remain valid for 1-year from the issuance date.Take the first step toward becoming a licensed athlete agent in Texas by purchasing the surety bond you need quickly and easily.
Apply for your surety bond
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