Athlete Agent Surety Bond
Athlete Agent Surety Bond Form. This is a Texas form and can be use in Athlete Agent Secretary Of State.
Tags: Athlete Agent Surety Bond, 2503, Texas Secretary Of State, Athlete Agent
Form 2503—General Information (Athlete Agent Surety Bond) The attached form is designed to meet minimal statutory filing requirements pursuant to the relevant code provisions. This form and the information provided are not substitutes for the advice and services of an attorney. Commentary Athlete agents are governed by Chapter 2051 of the Texas Occupations Code and the secretary of state’s administrative rules found in 1 Texas Administrative Code Chapter 78. Acting as an athlete agent in Texas requires registration with the secretary of state. Sections 2051.102–2051.104, Occupations Code and 78.1, Administrative Code, set forth the application requirements for athlete agent registration. Pursuant to sections 2051.151, Occupations Code and 78.31, Administrative Code, an application for renewal (Form 2505-I) must be accompanied by either a $100,000 surety bond or an affidavit stating that the applicant has not entered into a financial services contract or provided financial services for an athlete. This form may be used for the surety bond. Submit either Form 2502-I (financial services affidavit) or Form 2503 (this form), but not both. Instructions for Form Principal/Athlete Agent/Applicant: Provide the name and address of the athlete agent/applicant filing the surety bond. A document on file with the secretary of state is a public record subject to public access and disclosure. When providing address information, use a business or post office box address rather than a residence address if privacy concerns are an issue. Bond: Provide the number used by the surety company to identify the bond. Surety: Provide the name of the surety company. The surety company must be authorized to do business as a surety company in Texas. Revised 03/11 Form 2503 1 American LegalNet, Inc. www.FormsWorkFlow.com Form #2503 Rev. 03/2011 This space reserved for office use Submit with Application for Renewal (Form 2505-I) to: SECRETARY OF STATE Statutory Documents Section P O Box 13550 Austin, TX 78711-3550 512-463-5705 512-475-2815 - Fax Filing Fee: None. PRINCIPAL/ ATHLETE AGENT/ APPLICANT Name: BOND Number: SURETY ATHLETE AGENT SURETY BOND Name: Street City State Zip Amount : One hundred thousand dollars ($100,000.00) We, PRINCIPAL AND SURETY identified above, our heirs, executors, successors and assigns, jointly and severally, are liable to the State of Texas, for the amount of the bond shown, in favor of the state for the benefit of a person damaged by PRINCIPAL’s violation of Chapter 2051, Occupations Code. SURETY acknowledges that it is duly authorized and qualified to do business as a surety company in Texas. This agreement is subject to the following terms and conditions: The bond shall be maintained for not less than two years after the date that PRINCIPAL ceases to provide financial services to an athlete. This bond shall serve as the security required by § 2051.151, Occupations Code, so that PRINCIPAL may enter into a financial services contract with an athlete. As a condition of SURETY’s obligation, PRINCIPAL shall (1) faithfully discharge all obligations, duties and responsibilities under Chapter 2051, Occupations Code, as that statute is presently worded, and as it may hereafter be amended to read; (2) pay money owed to an individual or group of individuals when PRINCIPAL or PRINCIPAL’s representative or agent receives the money; and (3) pay damages to an athlete caused by the intentional misrepresentation, fraud, deceit, or unlawful or negligent act or omission of the PRINCIPAL or the PRINCIPAL’S representative or employee while acting within the scope of the financial services contract. Any party injured by PRINCIPAL’s failure to meet the conditions of the bond may bring an action based on the bond and recover against the bond. The aggregate liability of SURETY for all breaches of bond conditions may not exceed the amount of the bond. Regardless of the number of years the bond continues in force or the number of premiums paid or payable, the limit of SURETY’s liability stated in the bond shall not be cumulative from year to year or period to period. The bond shall not be subject to cancellation by either PRINCIPAL or SURETY unless written notice of intent to cancel is forwarded to the Secretary of State, Statutory Documents Section, not later than the 60th day before the date of cancellation. If the cancellation is at the request of SURETY, SURETY shall also provide PRINCIPAL with written notification at least 60 days prior to the effective date of cancellation. It is agreed that the bond shall be in full force and effect as of the following date: Date: Signature of authorized person for PRINCIPAL Printed or typed name of authorized person for PRINCIPAL Date: Signature of authorized person for SURETY Printed or typed name of authorized person for SURETY Form 2503 2 American LegalNet, Inc. www.FormsWorkFlow.com