{"data":{"id":"us-ok/okla.-stat.-tit.-59-59-2007","jurisdiction":"us-ok","citation":"Okla. Stat. tit. 59, § 59-2007","heading":"Bond or letter of credit required","body":"A. 1. Every health spa, before it enters into a health spa\n\ncontract or membership agreement or accepts an initiation or\n\nprepayment fee in excess of Fifty Dollars ($50.00), shall file and\n\nmaintain with the Administrator, in form and substance satisfactory\n\nto him, a bond with a corporate surety, from a company authorized to\n\ntransact business in this state or a letter of credit from a bank\n\ninsured by the Federal Deposit Insurance Corporation in the amounts\n\nindicated below:\n\nNumber of unexpired Amount of bond\n\ncontracts or membership agreements or letter of\n\nexceeding six (6) months credit\n\n500 or less $30,000.00\n\n501 to 1000 $40,000.00\n\n1001 to 1500 $50,000.00\n\n1501 to 2000 $60,000.00\n\n2001 or more $70,000.00\n\n2. The number of unexpired contracts or membership agreements\n\nexceeding six (6) months shall be separately calculated for each\n\nlocation where health spa services are offered.\n\n3. Each separate location where health spa services are offered\n\nshall be considered a separate health spa and shall file a separate\n\nbond or letter of credit with respect thereto, even though the\n\nseparate locations are owned or operated by the same owner.\n\n4. No owner shall be required to file with the Administrator\n\nbonds or letters of credit in excess of Seventy Thousand Dollars\n\n($70,000.00). If the seventy-thousand-dollar limit is applicable,\n\nthen the bonds or letters of credit filed by such owner shall apply\n\nto all health spas owned or operated by the same owner.\n\nB. The bond or letter of credit required by this section shall\n\nbe in favor of the state for the benefit of:\n\n1. any buyer injured by having paid money to the health spa\n\nposting the bond or letter of credit for health spa services in a\n\nfacility which fails to open within sixty (60) days after the date\n\nupon which the buyer and the health spa entered into a contract or\n\nmembership agreement or goes out of business prior to the expiration\n\nof the buyer's health spa contract or membership agreement; or\n\n2. any buyer injured as a result of a violation of the Oklahoma\n\nHealth Spa Act by the health spa posting the bond or letter of\n\ncredit.\n\nC. The aggregate liability of the bond or letter of credit to\n\nall persons for all breaches of the conditions of the bond or letter\n\nof credit shall in no event exceed the amount of the bond or letter\n\nof credit. The bond or letter of credit shall not be canceled or\n\nterminated except with the consent of the Administrator.","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":"5d696099243d2d724f217291ecca8655ba2c1304030f3b4a01dcca865b70c60e","source_id":"us-ok","stale":false,"prev":"us-ok/okla.-stat.-tit.-59-59-2006","next":"us-ok/okla.-stat.-tit.-59-59-2008"},"notice":"GroundRules: Original legal text. Not legal advice."}