Ga. Comp. R. & Regs. R. 54-3-.03 - Surety Bond

(1) An applicant for registration shall deposit with the Secretary of State a surety bond in the penal sum of not less than $10,000. At no time during any registration period shall the athlete agent be without the bond. The bond shall be executed in favor of the State with a surety company authorized to do business in Georgia. The bond shall be conditioned to pay a pro rata share of the amount of the bond for damages to each athletic department aggrieved by any act which the agent commits which violates Official Code of Georgia Annotated § 43-4A-16 or any act which would be grounds for revocation of the athlete agent's registration under Official Code of Georgia Annotated §§ 43-4A-7 or 43-4A-8.

(2) If a registered athlete agent fails to maintain a surety bond, the Secretary of State shall suspend the registration until such time as the agent obtains a new bond. An athlete agent shall not carry on business as an athlete agent during such period of suspension.

Notes

Ga. Comp. R. & Regs. R. 54-3-.03

O.C.G.A. § 43-4A-12.

Original Rule entitled "Surety Bond" adopted. F. Oct. 17, 1989; eff. Nov. 6, 1989. Amended: F. Jan. 18, 1991; eff. Feb. 7, 1991. Amended: F. Apr. 21, 2021; eff. May 11, 2021.