Surety Bond for Texas Athlete Agents
Athlete agents in Texas must have a Certificate of Registration from the Secretary of State before they may work as an athlete agent in the state. Registration is valid for one year and may be renewed.
Athlete agents recruit or solicit athletes to enter into a contract, a financial services contract, or a professional sports contract. There are two types of agents: professional and limited.
A professional agent must be registered with at least one professional sports association.
A limited agent is not certified by a professional sports association and may only represent athletes in sports that do not have a national sports association that certified or licenses agents.
A part of registration or renewal includes obtaining a surety bond of $50,000 or $100,000.
Surety Bond Requirements
Texas athlete agents must file a $50,000 surety bond (form 2504). If the agent provides financial services, or if the athlete and the agent enter into a financial services contract, then a $100,000 is required (form 2502).
The bond must be maintained for at least two years after an agent ceases to provide services.
The bond protects the athletes. It's a guarantee from the agent not to commit intentional misrepresentation, fraud, deceit, or unlawful or negligent act or omission. It also guarantees that the agent will pay the athlete any money owed. If the athlete agent is in default, the athlete will receive damages caused by the agent.
How Much Does This Bond Cost?
The premium you pay for a Texas Athlete Agent Surety Bond depends on the bond amount and your credit. Our rates start at 1% of the bond amount with good credit. Contact our Surety Bond Specialists for a free quote that fits your specific situation.
Did You Know?
A Texas Athlete Agent Surety Bond must be maintained for at least two years after the agent ceases to provide services.
Related Links:
Texas Occupations Code: Chapter 2050 – Athlete AgentsMore Surety Bond Questions?
Check out our FAQ page or What’s a Surety Bond? page. Should you need or choose to buy a surety bond, call us first. SuretyGroup.com has been underwriting surety bonds throughout the U.S. for more than 35 years. When you work with us, you enjoy the unique benefit of dealing with a team of highly experienced surety agents with in-house underwriting authority. This allows you to receive competitive, low rates, quick approvals, and immediate bond delivery. In most cases, your bond will be delivered within 24 hours after you apply for it.
For a downloadable application
