§ 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.)
Sections: Previous 59.1-298 59.1-299 59.1-300 59.1-301 59.1-302 59.1-303 59.1-304 59.1-305 59.1-306 59.1-307 59.1-308 59.1-308.1 59.1-308.2 59.1-309 59.1-310 NextLast modified: April 16, 2009