Texas § OC.2051.151 - BOND DEPOSIT

§ OC.2051.151. BOND DEPOSIT

BOND DEPOSIT. (a) An athlete agent shall, before contacting an athlete or entering into an agent contract with an athlete in this state, deposit with the secretary of state a surety bond, in the amount of $50,000, payable to the state and conditioned on: (1) the athlete agent complying with this chapter; (2) the payment of any administrative penalty assessed under Subchapter J; and (3) the payment of any damages awarded to an institution of higher education or an athlete as a result of the athlete agent offering or providing a thing of value to an athlete or a family member of the athlete. (a-1) An athlete agent shall, before entering into a financial services contract with an athlete, deposit with the secretary of state a surety bond, in the amount of $100,000, payable to the state and conditioned on: (1) the athlete agent complying with this chapter; (2) the payment of money owed to an individual or group of individuals when the athlete agent or the athlete agent's representative or agent receives the money; and (3) the payment of damages to an athlete caused by the intentional misrepresentation, fraud, deceit, or unlawful or negligent act or omission of the athlete agent or of the athlete agent's representative or employee while acting within the scope of the financial services contract. (b) An athlete agent shall maintain a bond deposited under Subsection (a) or (a-1) for not less than two years after the later of: (1) the date that the athlete agent ceases to provide financial services to an athlete; or (2) the date that the athlete agent's certificate of registration expires or is revoked. (c) This section does not limit the amount of damages recoverable in a suit filed against an athlete agent to the amount of the bond. Acts 1999, 76th Leg., ch. 388, Sec. 1, eff. Sept. 1, 1999. Amended by: Acts 2011, 82nd Leg., R.S., Ch. 741 (H.B. 1123 ), Sec. 7, eff. September 1, 2011.