§ 2003. Presale contracts or membership agreements--Notification of location--Deposit of funds-...
Oklahoma Statutes AnnotatedTitle 59. Professions and Occupations
59 Okl.St.Ann. § 2003
§ 2003. Presale contracts or membership agreements--Notification of location--Deposit of funds--Withdrawal of funds--Refunds--Exemptions
A. 1. Except as otherwise provided in this section, each health spa which offers or sells contracts or membership agreements or health spa services on a presale basis shall notify the Administrator of the proposed location of the spa for which presale monies will be solicited and shall deposit all funds received from such presale contracts or membership agreements in an account established in a financial institution authorized to transact business in this state until the health spa has commenced operations and has remained open for a period of sixty (60) days. The account shall be established and maintained only in a financial institution which agrees in writing with the Administrator to hold all funds deposited and not to release such funds until receipt of written authorization from the Administrator. The presale funds deposited will be eligible for withdrawal by the health spa after the health spa has been open and providing services pursuant to its health spa contracts or membership agreements for sixty (60) days and the Administrator gives written authorization for withdrawal.
2. Any buyer who has paid money which is on deposit in a presale account may, upon written authorization from the Administrator, obtain a refund from the financial institution holding such account if the health spa has not been substantially completed and opened within six (6) months of the date of the buyer's health spa contract or membership agreement.
2. any health spa duly registered under the provisions of Section 2002 of Title 59 of the Oklahoma Statutes which has posted a bond or letter of credit in the amount of Seventy Thousand Dollars ($70,000.00) as provided for in Section 2007 of this title and has been in continuous operation in Oklahoma for at least eighteen (18) months prior to the sale of prepayment contracts or membership agreements.
Credits
Laws 1987, c. 217, § 5, eff. Nov. 1, 1987; Laws 1988, c. 215, § 5, eff. Nov. 1, 1988. Renumbered from Title 15, § 775.3 by Laws 1988, c. 215, § 12, eff. Nov. 1, 1988. Laws 1991, c. 96, § 3, eff. Sept. 1, 1991.
59 Okl. St. Ann. § 2003, OK ST T. 59 § 2003
Current with emergency effective legislation through Chapter 257 of the Second Regular Session of the 59th Legislature (2024). Some sections may be more current, see credits for details.
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