{"data":{"id":"us-ky/krs-367.403","jurisdiction":"us-ky","citation":"KRS 367.403","heading":"Bond requirement.","body":"(1) Every club that has a membership fee in excess of thirty -five dollars ($35) shall\nmaintain a bond of fifty thousand dollars ($50,000) issued by a surety company\nadmitted to do business in this state.\n(2) The bond required by this section shall be in favor of the Attorney General of the\nCommonwealth of Kentucky for the benefit of any member who suffers loss of\nprepayment made pursuant to a contract entered into after July 15, 1982, due to\ninsolvency of the club or the cessation of business by the club, or failure by the club\nto perform under any contract. A copy of the bond shall be filed with the Attorney\nGeneral prior to the making of any membership contract by a club. Any person\nclaiming against the bond may maintain an action at law against the club and t he\nsurety. Failure to so maintain a bond as required by this section shall make the\nprincipals of any club personally liable for the claims of members.\n(3) The aggregate liability of the surety to all persons for all breaches of the conditions\nof the bonds provided herein shall in no event exceed the amount of the bond.","path":["KRS Chapter 367"],"source_url":"https://apps.legislature.ky.gov/law/statutes/statute.aspx?id=34955","current_through":"Includes enactments through the 2026 Regular Session","vintage":"09/05/2026","retrieved_at":"2026-09-05T20:59:03Z","sha256":"f0020934b1ef9cec5f1d150df75cc1e38e8ab2eebeecb879a064679e6daf8acb","source_id":"us-ky","stale":false,"prev":"us-ky/krs-367.401","next":"us-ky/krs-367.405"},"notice":"GroundRules: Original legal text. Not legal advice."}