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How much does a $50,000 athlete agent bond cost in Texas?
An athlete agent bond is required by the Texas Secretary of State. Applicants with strong financial credentials could qualify for a rate of just $500! A 25% discount is available for subsequent years if multiple years of coverage are purchased. The best way to find out exactly how much you could pay for your bond is to apply for your free, no-obligation bond quote now!
Need more answers? Call us at 1 (800) 308-4358 to speak with a licensed professional who can help you with the process.
Call 1 (800) 308-4358, or submit a bond request, to connect with our team of surety bond professionals. We can provide your free, no-obligation bond quote within one day of submitting your application.
Why do I need 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 subchapter 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.
What’s the fine print?
Athlete agent surety bonds in Texas must be maintained for at least two 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.
How to become an athlete agent in Texas
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)
- Pay the $500 registration fee.
Registrations remain valid for one year from the issuance date.