Many U.S. states require athlete agents to obtain a surety bond as part of their licensing or registration process. An Athletic Agent Bond plays a vital role in this process, serving as a financial guarantee that the agent will operate in compliance with state laws and ethical standards. While the details vary by state, the primary goal of these bonds is to safeguard athletes from unethical or illegal actions by their agents.
A surety bond acts as a financial guarantee, offering athletes quick compensation if an agent violates the law. Therefore, it’s essential for agents to be familiar with their state-specific legal requirements.
Lance Surety Bonds is approved to offer athlete agent bonds in every state where such bonds are legally required. These bonds offer security to athletes and are crucial for agents seeking legal compliance in their profession.
Which States Require Athlete Agent Bonds?
Currently, Georgia, Texas, Oklahoma, Alabama, and Pennsylvania have implemented bonding requirements for athlete agents. However, state laws change frequently, so it’s important to verify the current rules with your state’s licensing authority.
Cost of Athlete Agent Surety Bonds
The cost of a surety bond depends on the bond amount set by the state and the agent’s credit score. Here’s a general breakdown:
| State | Bond Amount | Excellent Credit (700+) | Average Credit (650–699) | Low Credit (600–649) | Poor Credit (Below 599) |
| Georgia | $10,000 | $100–$150 | $100–$300 | $250–$500 | $500–$1,000 |
| Pennsylvania | $20,000 | $150–$300 | $200–$500 | $500–$1,000 | $1,000–$2,000 |
| Alabama | $25,000 | $187–$375 | $250–$625 | $625–$1,250 | $2,500–$5,000 |
| Texas & Oklahoma | $50,000 | $250–$625 | $375–$750 | $1,000–$2,500 | $2,500–$5,000 |
Note: These figures are estimates and may change based on the underwriting criteria of the surety company.
Getting Bonded with Poor Credit
Even with a low credit score, you can still qualify for bond approval. However, applicants with scores below 650 are viewed as higher risk and may be subject to increased premium rates. However, those with active bankruptcies or unpaid child support may face denial.
Thanks to partnerships with top-rated surety companies, Lance Surety Bonds can find competitive rates even for high-risk applicants.
Application Process
Applying for an athlete agent surety bond is quick and straightforward. Filling out the online form typically takes under five minutes. After submitting ownership details, applicants receive a free quote. Lance Surety Bonds maintains bond forms for all states and provides support throughout the process.
Under typical conditions, the bond is signed and mailed within two business days, and digital copies can be sent via email or fax.
Claims and Legal Implications
If a valid claim is made against an agent, they may be liable for the full bond amount. Failing to comply with state laws can result in hefty fines and may jeopardize future bonding or licensure.
Key legal codes by state include:
- Texas: Chapter 2051, Occupations Code
- Alabama: Chapter 26, Alabama Uniform Sports Agents Act
- Georgia: Title 43, Georgia State Codes
- Pennsylvania: Uniform Athlete Agents Act
Understanding and adhering to these laws is critical for avoiding claims and maintaining a clean professional record.
