{"data":{"id":"us-ok/okla.-stat.-tit.-59-59-2003","jurisdiction":"us-ok","citation":"Okla. Stat. tit. 59, § 59-2003","heading":"Presale contracts or membership agreements - Notification","body":"of location - Deposit of funds - Withdrawal of funds - Refunds -\n\nExemptions.\n\nA. 1. Except as otherwise provided in this section, each\n\nhealth spa which offers or sells contracts or membership agreements\n\nor health spa services on a presale basis shall notify the\n\nAdministrator of the proposed location of the spa for which presale\n\nmonies will be solicited and shall deposit all funds received from\n\nsuch presale contracts or membership agreements in an account\n\nestablished in a financial institution authorized to transact\n\nbusiness in this state until the health spa has commenced operations\n\nand has remained open for a period of sixty (60) days. The account\n\nshall be established and maintained only in a financial institution\n\nwhich agrees in writing with the Administrator to hold all funds\n\ndeposited and not to release such funds until receipt of written\n\nauthorization from the Administrator. The presale funds deposited\n\nwill be eligible for withdrawal by the health spa after the health\n\nspa has been open and providing services pursuant to its health spa\n\ncontracts or membership agreements for sixty (60) days and the\n\nAdministrator gives written authorization for withdrawal.\n\n2. Any buyer who has paid money which is on deposit in a\n\npresale account may, upon written authorization from the\n\nAdministrator, obtain a refund from the financial institution\n\nholding such account if the health spa has not been substantially\n\ncompleted and opened within six (6) months of the date of the\n\nbuyer's health spa contract or membership agreement.\n\nB. The provisions of subsection A of this section shall not\n\napply to:\n\n1. a. any health spa duly registered under the provisions of\n\nSection 2002 of this title which has filed with the\n\nAdministrator a current financial statement, certified\n\nby an accounting firm or individual holding a permit\n\nto practice public accounting in this state\n\nindicating:\n\n(1) a net worth in excess of One Million Dollars\n\n($1,000,000.00), or\n\n(2) total assets in excess of Five Million Dollars\n\n($5,000,000.00).\n\nb. For purposes of this paragraph:\n\n(1) \"current\" means that the ending period of the\n\nfinancial statement is not over eighteen (18)\n\nmonths prior to the date of the filing of such\n\nstatement, and\n\n(2) the financial statement filed by the health spa\n\nmay include the financial results of any\n\ncorporation controlled by, or that is under\n\ncommon control with, the health spa; or\n\n2. any health spa duly registered under the provisions of\n\nSection 2002 of Title 59 of the Oklahoma Statutes which has posted a\n\nbond or letter of credit in the amount of Seventy Thousand Dollars\n\n($70,000.00) as provided for in Section 2007 of this title and has\n\nbeen in continuous operation in Oklahoma for at least eighteen (18)\n\nmonths prior to the sale of prepayment contracts or membership\n\nagreements.","path":["OK Code","Title 59"],"source_url":"https://www.oklegislature.gov/OK_Statutes/CompleteTitles/os59.pdf","current_through":"2026-08-14","vintage":"open-us-law v2026.08, retrieved 2026-09-14","retrieved_at":"2026-09-14T18:32:36Z","sha256":"b618a15405f13c4a4ca852105538ee2d47797333d74e63868ee6fd3bae9aecb9","source_id":"us-ok","stale":false,"prev":"us-ok/okla.-stat.-tit.-59-59-2002","next":"us-ok/okla.-stat.-tit.-59-59-2004"},"notice":"GroundRules: Original legal text. Not legal advice."}