In Texas, athlete agents are required to obtain two separate surety bonds to operate legally. Firstly, they must provide a $50,000 surety bond to the Texas Secretary of State. Additionally, if the agent offers financial services to athletes or enters into financial services contracts with them, they must secure a separate $100,000 surety bond. Both bonds are payable to the state. These bonds shield professional athletes from potential harm caused by illicit conduct by their agents.
The Texas athlete agent bond ensures that agents in the state will follow the law, protecting their client’s interests. It clearly assures that agents will comply with their responsibilities under Chapter 2051 of the Texas Occupations Code.