What is an Illinois Boxing or Full-Contact Martial Arts Promoter Bond?
Get bonded. Get licensed! Know how to apply for this surety bond today easily!
Every person who is desiring to become a boxing or full-contact martial arts promoter of amateur contests, professional contests, or both in the State of Illinois must secure a license.
An essential requirement for the license mentioned above is a surety bond.
Aside from a completed application form, paying the required fee, and having a good moral character, the license applicant must submit two surety bonds to the Athletic Board, Department of Financial and Professional Regulation of the State of Illinois.
The surety bond is needed before the person is permitted to conduct professional or amateur boxing or full-contact martial arts bouts.
The surety bond will provide a guarantee that the license applicant will perform his or her duties by the provisions of the Boxing and Full-contact Martial Arts Act and the regulations set forth by the Athletic Board, Department of Financial and Professional Regulation of the State of Illinois, including promptly paying the required taxes.
Non-compliance will result in a bond claim filed by the Obligee of the surety bond. This requirement is in line with Section 225 105/11 of the Illinois Compiled Statutes.
What is the Boxing or Full-Contact Martial Arts Promoter Bond amount?
$5,000 – the bond amount required to cover the financial obligations of the licensed promoter including non-payment of the necessary taxes
$10,000 – the bond amount required to cover non-payment of the licensed promoter’s obligations that pertain to promotional activities
If you have an excellent credit score, you will be eligible to pay for a low bond premium.
How can I get a Boxing or Full-Contact Martial Arts Promoter Bond?
Secure this bond easily right away today HERE!
Once the application is received, the surety bond company will immediately process it. In our case, one of our expert surety bond agents will guide you through the whole process from the time you applied for the bond.
We'll make sure that you understand all the conditions before we issue the bond.
An underwriter will then evaluate the following:
- Your credit score
- Your job/business performance history
Once the prequalification process is fulfilled, we will execute the bond and it will be sent to you!
What are the surety bond conditions?
- The surety bond should be issued by an Illinois-recognized Surety.
- The licensee should comply with the provisions of the Boxing and Full-contact Martial Arts Act, as well as the rules and regulations of the Athletic Board, Department of Financial and Professional Regulation of the State of Illinois.
- If the licensee commits a violation, the aggrieved party will be eligible to file a bond claim.
Ready to apply? Contact us HERE!