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
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