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Talent agencies are licensed as a type of employment agency by the New York State Department of Labor or by the New York City Department of Consumer Affairs, depending on the business’s location.
Who needs this bond?
If your employment agency is one that finds employment for models, actors, or other entertainment professionals, it’s considered a talent agency. New York also refers to talent agencies as theatrical employment or modeling agencies.
Talent agency applicants conducting business outside New York City apply for their licenses through the state’s Department of Labor, while those within the city apply with the NYC Department of Consumer Affairs. All talent agencies need a $10,000 surety bond.
What does this bond do?
This bond is a talent agency licensee’s promise to adhere to the New York Employment Agency Laws. The penalty for breaking some of those laws can result in license suspension or revocation, fines of up to $2,500 per violation, and even misdemeanor charges.
The bond is backed by a surety company (that’s us). In the event that the principal (that’s you, the bondholder) violates the terms of their bond and causes financial damage to a customer, the customer can file a claim against the bond. Proven claims that are paid out by the surety must be reimbursed by the principal.