The Illinois Boxing and MA/MMA Bond is required by the Department of Financial and Professional Regulation for all those who wish to be licensed as a promoter in the state of Illinois. The surety bond amount is at $5,000, while the performance bond is at $10,000.
The 225 ILCS 105 or the Boxing and Full-Contract Martial Arts Act defines a promoter as a person who is licensed and who holds a permit to conduct both professional or amateur contests or a combination of both.
What are the requirements in order to be licensed as a promoter in Illinois?
An applicant for licensing as a professional promoter must be of a good moral character first and foremost. The other requirements that must be met are the following:
- Complete the Application for License.
- Pay the non-refundable fee of $300 for amateur promoters or $1,000 for professional or amateur/professional promoters.
- For professional or amateur/professional promoters, you must give a financial statement showing a liquid working capital or at least $10,000. In lieu of this, you may instead submit a $10,000 performance bond guaranteeing payment of all obligations relating to the promotional activities.
- Submit proof of Illinois Boxing and MA/MMA Bond worth $5,000.
Where can I get an Illinois Boxing and MA/MMA Surety Bond?
Surety1 can get you a Boxing and MA/MMA Bond and performance bond for the lowest rates. This is due to our partnership with over a dozen A rated surety companies. We also offer a faster process of getting your surety bond approved. In fact, you can get approved within just one business day!
To start, just complete our online application form, which will only take minutes to answer. Once that is submitted, wait for a call from one of our licensed agents who will give a quote for the bonds. Once you pay the bond premiums and sign the agreement, we will mail both the surety bond and performance bond right away.
Surety1 has been issuing surety bonds to all 50 states since 2003. We continue to offer superior service, a evidenced by our A+ rating from the Better Business Bureau.