Maryland Sport License Agent Bond Guide
If you’re applying for an athlete agent license in Maryland, you’ll need a sport license agent bond. Learn all about the bond process and requirements in this guide.
Bond Overview
- Purpose: To ensure agents follow state regulations and meet financial obligations
- Who Needs It: Licensed athlete agents in Maryland
- Regulating Body: The Department of Natural Resources, Licensing & Registration Service
- Required Coverage: $5,000
- Premium Rate: $100
What Is a Maryland Sport License Agent Bond?
A Maryland sport license agent bond is required to become an athlete agent in the state. This $5,000 bond protects clients and the Department of Natural Resources if an agent breaks regulations, mishandles funds, or fails to pay fees.
How Much Do Athlete Agent Bonds Cost in Maryland?
The state-required $10,000 sports license agent bond costs $100. No credit check is required.
However, you must submit a quick online application including your Natural Resources Account number for approval.
SuretyBonds.com offers the lowest available rates from our nationwide provider network with no added fees.
How Does a Maryland Athlete Agent Bond Work?
A Maryland sport license agent bond creates a legal contract between three parties:
- Principal: The athlete agent filing the bond
- Obligee: The Department of Natural Resources (DNR), Licensing & Registration Service requiring the bond
- Surety: The provider issuing the bond
As the principal, you are responsible for complying with all of the bond terms, including paying all fees owed to the DNR.
The bond acts as an avenue of financial recourse if you cause any harm to the state or clients.
Who Needs a Sport License Agent Bond?
Under the Agent Licensing Act, all athlete agents who offer services to athletes on sports teams in Maryland must be licensed and bonded with the state.
How Do I Get an Athlete Agent Bond?
SuretyBonds.com makes the bonding process fast and easy for Maryland sports agents. Just follow these steps:
- Submit an online application form
- Receive your free quote
- Complete the online bond purchase
You’ll need to sign the digital indemnity agreement and submit payment online or over the phone. Then, we’ll mail your original bond form for you to submit with the DNR’s Licensing & Registration Service division.
How Fast Can I Get My Bond?
We issue most bonds same-day when purchased before 4 PM CST. Apply to get your free quote within one business day or less.
Can I Get Bonded With Bad Credit?
Yes, you can typically still get a sports license agent bond with a poor personal credit score. However, keep in mind that credit may impact your premium rate.
How Do I Renew My Bond?
These bonds expire annually. We’ll send you renewal reminders before the expiration date. Just pay your renewal invoice to extend your bond term for another year.
The surety can cancel the bond by providing 45-days written notice to the DNR.
