What is a Pennsylvania Athlete Agent Bond?
Individuals that are aspiring to be athlete agents in Pennsylvania must file a surety bond as a condition of their Certificate of Registration requirements mandated by the Pennsylvania State Athletic Commission.
The Athlete Agent Bond guarantees:
- Compliance with all provisions indicated in the Athlete Agents Acts 180 of 2002 or Uniform Athlete Agents Act.
- Payments and fees due to a person at the time they are due.
- Payment of damages suffered by any person as a result of intentional or unintentional misstatements, misrepresentation, fraud, deceit, or unlawful or negligent acts of the student-athlete agent while acting as a student-athlete agent.
Athlete agents are persons who enter into an agency contract with an individual or a student-athlete or directly or indirectly recruits or solicits an individual or a student-athlete to enter into an agency contract.
What are the bond conditions?
- The Surety must be accepted and authorized to issue surety bonds in the Commonwealth of Pennsylvania.
- The Obligee is the Pennsylvania State Athletic Commission.
- The Principal has made an application for registration to the Obligee to exercise the vocation of Athlete Agent.
- If the Principal faithfully complies with all ordinances, rules, and regulations, then the obligation will be null and void. Otherwise, it will remain in full force and effect.
- The bond is continuous by a continuation certificate signed by the Principal and the Surety.
- The Surety may at any time terminate its liability by giving 30 days written notice to the Obligee.
- The Surety’s aggregate liability will not exceed the full sum of the bond.
- An out-of-state corporate Surety signed outside of the Commonwealth of Pennsylvania will have the bond countersigned by a Qualified Pennsylvania Resident Agent.
What is the bond amount?
The bond amount is $20,000.
The cost of the bond is a percentage of the bond amount. The percentage will be calculated as your bond premium, which is usually 1%-5% of the bond amount.
How can I obtain an Athlete Agent Bond?
To be an athlete agent in the Commonwealth of Pennsylvania, you need to apply for registration to the State Athletic Commission in writing on a form supplied by the Commission and approved by the Pennsylvania Department of State.
Then, as a part of the registration requirements, you must obtain a surety bond.
To secure this type of bond, you must seek the assistance of a surety bond company.
You will be asked to apply for this bond. If you’re ready to apply for one right now, you may easily do so 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 will make sure that you understand all the conditions before we issue the bond.
- An underwriter will then evaluate your credit score to determine your bonding capacity.
- You may also provide a copy of the BOND FORM, which can be obtained from the Pennsylvania State Athletic Commission.
Once the prequalification process is fulfilled, we will execute the bond and send it to you!
Call us at 800-333-7800 today!