§ 2171. Financial security required
Purdon's Pennsylvania Statutes and Consolidated StatutesTitle 73 P.S. Trade and Commerce
73 P.S. § 2171
§ 2171. Financial security required
(a) Filing of financial security.--Before entering into a health club contract for health club services, a health club shall file and maintain with the director, in form and substance satisfactory to him, a bond with corporate surety from a company authorized to transact business in this Commonwealth or an irrevocable letter of credit from a bank insured by the Federal Deposit Insurance Corporation (FDIC) in the amounts indicated below:
However, any health club that certifies in writing with the director that it will sell and maintain health club contracts for no more than 24 months and with no more than the number of persons indicated below shall, for so long as it abides by this certification, be required to file with the director such financial security only in the amounts indicated below:
300 persons--$50,000 bond or letter of credit
150 persons--$25,000 bond or letter of credit
Credits
1989, Dec. 21, P.L. 672, No. 87, § 11, effective in 180 days.
73 P.S. § 2171, PA ST 73 P.S. § 2171
Current through Act 4 of the 2024 Regular Session. Some statute sections may be more current, see credits for details.
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