SECTION 160:50-5-6. Limits on bond requirements

(a)   Any owner of a health spa or health spas which would be required to post a bond of Seventy Thousand Dollars ($70,000.00) or more, whether for an individual health spa or more than one health spa cumulatively, may request, in writing, to be allowed to post a single bond of Seventy Thousand Dollars ($70,000.00) to cover any and all health spas owned by that owner. If one bond will cover all health spas owned by that owner, the original bond form shall be filed for one license and a duplicate bond form may be filed for the other licenses where each copy is marked as such. [59:2007(A)(3) and (4)]

(b)   Each licensee shall maintain the correct bond amount based on the number of unexpired contracts or membership agreements exceeding six (6) months for each location where health spa services are offered [59:2007(A)(1) and (2)]. Each licensee shall calculate such number each year and adjust the bond at renewal if necessary.

[Source: Added at 8 Ok Reg 3531, eff 8-28-91 (emergency); Added at 9 Ok Reg 2289, eff 6-25-92; Amended at 16 Ok Reg 2160, eff 6-25-99]