SECTION 78.52. Affidavit in Lieu of Financial Service Bond

(a) As a condition of registration, an athlete agent who does not intend to enter into financial services contracts with athletes and chooses not to obtain the financial services bond required by Occupations Code, §2051.151(a-1), and §78.51(b) of this chapter (relating to Required Surety Bonds) must submit to the Secretary of State an affidavit affirming that the agent has not entered into a financial services contract and has not provided financial services to an athlete, nor does the agent intend to. See Form 2502.

(b) If circumstances change, and the agent chooses to enter a financial services contract with an athlete, the agent must first deposit with the Secretary of State the bond required by Occupations Code, §2051.151(a-1), and §78.51(b) of this chapter.

Source Note: The provisions of this §78.52 adopted to be effective October 24, 2011, 36 TexReg 7163