What is a California Talent Agency Bond?
Talent agencies in California are required to conduct business according to an established set of regulations designed to protect the general public from unlawful business practices. The California talent agency bond ensures that businesses comply with these laws.
Who Needs a California Talent Agency Bond?
The Division of Labor Standards Enforcement, a division of the California Department of Industrial Relations, oversees talent agencies and other fee-related talent services. In order to obtain proper licensing in the state, these organizations are required to post $50,000 surety bonds.
Why Do I Need a California Talent Agency Bond?
Talent agencies and other fee-related talent services must comply with the California Labor Code (Chapter 4, Part 6, Division 2) and pledge to pay all sums due to clients when the agent receives the fees. Additionally, they agree to conduct business lawfully and ethically.
If the principal violates these laws or the terms of the surety agreement, any harmed parties are able to make a claim against the residential mortgage lender bond. Once finalized, the principal is responsible for reimbursing the surety for any damages paid or associated legal costs.
How Much Does a California Talent Agency Bond Cost?
The California Department of Industrial Relations requires a $50,000 surety bond for the licensing of talent agencies. These bonds are subject to underwriting, and the cost will vary based upon the credit rating of the principal. However, qualified applicants could pay as low as 1% of the bond amount ($500).
Get Started Today!
In order to operate as a talent agency or talent agent, you must first purchase a California talent agency bond. Don’t delay your application.