California Athlete Agent Bond
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What’s the Purpose of a California Athlete Agent Bond?
The California Secretary of State requires athlete agents to purchase a surety bond under the Miller-Ayala Athlete Agents Act. This includes individual sports agents or agents hired by companies and corporations.
The Miller-Ayala Athlete Agents Act requires agents to abide by the Business and Professions Code § 18897.87. This requires an agent to either secure a $100,000 per-claim-made errors and omissions insurance policy or post $100,000 in cash or cash equivalents as security for potential errors and omissions.
How Do California Athlete Agent Bonds Work?
An athlete agent bond is a substitute for insurance. It protects athletes from harmful or fraudulent actions made by agents, including, but are not limited to, the following:
- Actions leading to an athlete’s suspension or disqualification from participation
- Actions leading to an athlete suffering career or financial damages or both
- Unethical use or withdrawal from an athlete’s trust fund or theft of payments made out to the athlete
This surety bond provides a means of financial compensation for proven damages. For more information, look into the California Agent Athlete Law or speak with a representative of the California Secretary of State.
How Much Do California Athlete Agent Bonds Cost?
A $100,000 California athlete agent bond premium starts at a price of 1% or $1,000. The premium is calculated as a small percentage of the bond total based on your credit score, typically 1% to 10%. Apply now for an exact quote:
Who Needs an Athlete Agent Bond?
An athlete agent refers to any person who recruits or solicits an athlete to enter into a contract. Contract types vary by agent, endorsement, financial services, professional sports services and more. The agent typically negotiates on behalf of the athlete regarding offers and employment opportunities.
Sports agents can purchase this bond as a substitute for errors and omissions insurance.
How Do I Get an Athlete Agent Bond in California?
At Surety Bonds, our mission is to provide a quick and easy bonding process. To get an athlete agent bond, use the following steps:
- Apply online at SuretyBonds.com
- Get a quote from us within one business day
- Sign your indemnity agreement through DocuSign
- Buy online or over phone
- Get your bond instantly by email
- File your bond with the California Secretary of State
Our team is here to help you with your application. If you have any questions, call 1 (800) 308-4358 or email [email protected].
How to Become a Licensed Athlete Agent in California
Whether you are working as an individual agent or through a company, you must complete the following steps to receive an athlete agent license from the California Secretary of State:
- File an Athlete Agent Disclosure Statement
- Pay the $30 filing fee
- Provide proof of insurance or a surety bond
If any information on your form changes within seven days of applying, you can make alterations by filling out the Athlete Agent Amendment to Disclosure Statement form. This will require an additional $20 filing fee.
Once done, mail the completed form to the address below:
California Secretary of State
Special Filings Units
P.O. Box 942870
Sacramento, CA 95814
Can I Get a California Athlete Agent Bond With Bad Credit?
Our experts work hard to approve 99% of applicants through our bad credit bond program. If poor credit adversely impacts your quote, we also offer premium financing options to lower the upfront cost.
Have Questions?
Call 1 (800) 308-4358 to talk with a Surety Expert today.
