An Athlete Agent or Sports Agent registration is a license and permit surety bond required in certain states.
An athlete agent is a person or company who procures and negotiates employment and endorsement contracts for an athlete. The agent, in return, receives a percentage of the employment endorsement contract value.
In 2000, the Uniform Athlete Agents Act (UAAA) was passed to encourage states to have standardized uniform statutes for professional sports players associations and NCAA college athlete agents. As of 2013, 43 states have passed the Act partially or in its entirety.
Most states have an athlete registration process and generally require a fee for the registration. Georgia, Iowa, Pennsylvania, Oklahoma, and Texas have a surety bond requirement as well. Each state has different requirements, forms and departments that handle the registration process.
The surety bond guarantees that the agent will perform their responsibilities according to the contract entered into with the athlete as well as not take any more funds than the agreed upon commission percentage.
States that require athlete agent bonds include:
Georgia requires a $10,000 surety bond. (Apply through the Athlete Agent Regulatory Commission)
Iowa requires a $25,000 surety bond. (Apply through the Secretary of State)
Pennsylvania requires a $20,000 surety bond. (Apply through the Department of State Athletic Commission)
Oklahoma requires a $50,000 surety bond. (Apply through the Secretary of State)
Texas requires a $50,000 surety bond or a separate $100,000 surety bond if the agent provides financial services or if the athlete and the agent enter into a financial services contract. (Apply through the Secretary of State)
SuretyGroup.com underwrites custom bond programs for Sports Athlete Agents. As one of the few surety-only agencies in the country, we are able to offer preferred rates to those with excellent credit as well as non-traditional rates to those with less than perfect credit. We also offer additional savings if you are required to post surety bonds in more than five states.
If you are unsure about the requirements or how to apply for a bond, please contact our Surety Bond Specialists at:
Hours: 8:00-5:00 CST, Monday through Friday
For more information, read our Blog on Athlete Agent Bonds.