(1)Promoter's License Surety Bond. (a) Before any promoter's license is issued authorizing the promotion of professional bare-knuckle boxing matches in the state of Georgia, the applicant shall make and deliver to the Commission a security bond executed by a surety corporation authorized to transact business in this state.(b) Any and all bond applications shall be on a form provided by the Commission and shall be accompanied by an enforceable power of attorney. The Commission may also require certificate of "good standing" issued by the Commissioner of Insurance.(c) The bond shall be in such amount as the Commission may determine based upon the payment of officials' fees, fees necessary to secure the proper medical supervision of any professional boxing show in the state of Georgia, and/or the estimated potential damages, penalties, taxes or expenses resulting from promotional activities contemplated in the state of Georgia.(d) Whenever the Commission shall determine that a previously approved bond has for any cause become insufficient, the Commission may require an additional bond or bonds to be given, conforming with the requirements of these rules. 1. Unless the additional promoter's license bond or bonds are given within the time fixed by written demand therefor, or if the promoter's license bond of a licensee is canceled, the license of such person shall be immediately revoked by the operation of law without notice or hearing.(2)Match Permit Bond. (a) Before any match permit is issued authorizing the sale of tickets and the ancillary contracting necessary to promote a professional bare-knuckle boxing show in the state of Georgia, the applicant shall make and deliver to the Commission a security bond executed by a surety corporation authorized to transact business in this state. The purpose of the bond is to ensure that each Contestant competing in Georgia is paid their entire purse, and that full payment of other contractual liabilities is made.(b) Any and all bond applications shall be on a form provided by the Commission and shall be accompanied by an enforceable power of attorney. The Commission may also require a certificate of "good standing" issued by the Commissioner of Insurance.(c) The bond shall be in such amount as the Commission may determine based upon the estimated contractual liabilities against the licensed promoter for damages and expenses resulting from non-payment of contract liabilities, including but not limited to the total amount of each competing Contestant's purse or other services contracted for or from promotional activities conducted within the state of Georgia.(d) Whenever the Commission shall determine that a previously approved bond has for any cause become insufficient, the Commission may require additional bond or bonds to be given, conforming with the requirements of these rules. 1. Unless the additional match permit bond or bonds are given within the time fixed by written demand therefor, or is the match permit bond of a licensee is canceled, the match permit of such person shall be immediately revoked by operation of law and without notice or hearing.(3)Complaints and Actions to Recover Damages. (a) Any person claiming that he or she has been damaged by a breach of the conditions of a bond given by a licensee as provided in these rules may enter a complaint with the Commission.(b) Such complaint shall be a written statement of the facts constituting the complaint and should be made within 90 days of the alleged breach. If the Commission determines that the complaint is prima facie a breach of the bond and the matter cannot be amicably resolved within 15 days, the Commission shall endeavor to contact all known additional potential complainants regarding the breach of the bond. 1. Complaints may be registered and filed with the Commission after the ninety day period, but such late complaints shall state a reasonable and good cause for the delayed submission.(c) Additional complaints must be filed within 30 days following the initial public notification of a breach of the bond.(d) Upon the filing of such complaint in the manner provided in these rules, the Commission shall investigate the charges made and at its discretion order a hearing, giving the party complained of notice of the filing of such complaint and the time and place of such hearing. At the conclusion of the hearing, the Commission shall report its findings and render a conclusion upon the matter complained of to the complainant and respondent in the case, who shall have 15 days thereafter in which to make effective and satisfy the Commission's conclusions.(e) If such settlement is not effected within such a time, the Commission or the complainant may bring an action to enforce the claim. If the complainant is not satisfied with the ruling of the Commission, he or she may commence and maintain an action against the principal and surety on the bond of both parties complained of as in any civil action.(f) If the bond or collateral posted is insufficient to pay in full the valid claims of complainants, the Commission may direct that the proceeds of such bond(s) shall be divided pro rata among such complainants.Ga. Comp. R. & Regs. R. 85-5-.03
O.C.G.A. §§ 43-1-19, 43-1-25, 43-4B-4, 43-4B-7, 43-4B-11, 43-4B-12, 43-4B-13, 43-4B-14, 43-4B-18.1, 43-4B-19, 43-4B-20.
Original Rule entitled "Bonds" adopted. F. May 20, 2024; eff. June 9, 2024.