2010 Code of Virginia
Title 59.1 - TRADE AND COMMERCE.
Chapter 24 - Virginia Health Spa Act (59.1-294 thru 59.1-310)
59.1-307 - Bond or letter of credit; persons protected.
§ 59.1-307. Bond or letter of credit; persons protected.
A. The bond or letter of credit required by § 59.1-306 shall be in favor of the Commonwealth for the benefit of (i) any buyer injured by having paid money for health spa services in a facility which fails to open by the date provided by the contract, which date shall not be in excess of twelve months from the signing of the contract; (ii) any buyer injured by having paid money for health spa services in a facility which goes out of business prior to the expiration of the buyer's health spa contract; or (iii) any buyer injured as a result of a violation of this chapter.
B. The aggregate liability of the bond or letter of credit to all persons for all breaches of the conditions of the bond or letter of credit shall in no event exceed the amount of the bond or letter of credit. The bond or letter of credit shall not be cancelled or terminated except with the consent of the Commissioner.
(1984, c. 738; 1987, c. 547.)
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