The Texas Athlete Agent Surety Bond is required by the Texas Secretary of State.
The Texas Secretary of State requires that the Texas Athlete Agent Surety Bond be at least in the amount of $50,000. However, if the agent provides financial services or enters into a financial services contract with an athlete, the requirement for the surety bond jumps to $100,000.
CLICK HERE to view a copy of the Financial Services version of the Surety Bond
Agents seeking to get this bond do not have to pay the full bond amount unless there are significant claims placed on the bond once it is obtained. The upfront cost is only a premium.
The Texas Athlete Agent Surety Bond states that the bond principal, the person or entity that buys that bond, must:
- faithfully discharge all obligations, duties, and responsibilities
- pay any administrative penalty
- 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.
If an agent does not adhere to these standards, a claim may be placed on the bond.
CLICK HERE to view Frequently Asked Questions about the Form Series of Athlete Agents