State Codes and Statutes
Statutes > Virginia > Title-59-1 > Chapter-24 > 59-1-307§ 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 ofthe Commonwealth for the benefit of (i) any buyer injured by having paidmoney for health spa services in a facility which fails to open by the dateprovided by the contract, which date shall not be in excess of twelve monthsfrom the signing of the contract; (ii) any buyer injured by having paid moneyfor health spa services in a facility which goes out of business prior to theexpiration of the buyer's health spa contract; or (iii) any buyer injured asa result of a violation of this chapter.
B. The aggregate liability of the bond or letter of credit to all persons forall breaches of the conditions of the bond or letter of credit shall in noevent exceed the amount of the bond or letter of credit. The bond or letterof credit shall not be cancelled or terminated except with the consent of theCommissioner.
(1984, c. 738; 1987, c. 547.)
