The state of Tennessee enacted a new health club law referred to as SB 3752. The new law requires health clubs to obtain a surety bond in the amount of $25,000 with the Department of Commerce and Insurance. SB 3752 states that if the clubs financial condition does not allow it to cover its financial responsibilities, the bond can be increased up to $200,000. The new law also allows the health clubs to sell memberships before they open; buyers have the right to make direct claims on the bond if the club does not open. This is one of two bills enacted in Tennessee for health clubs.
Tennessee Health Club Bond
September 12, 2009 by Eric Weisbrot
Category: Commercial Bonds, Surety NewsTags: bond requirements, health club, health club bond, legislation, surety bond, tennessee, tn |
