Iowa Admin. Code r. 61-26.5 - Bond
(1)
Bond
required. A physical exercise club that accepts prepayments and does
not establish an escrow account must post a bond in the amount of $150,000 with
the office of the attorney general, in a form deemed acceptable by the attorney
general.
(2)
Notice. Notice of the existence of the bond must be disclosed
to the buyer in the physical exercise club contract.
(3)
Collection on the bond.
Either the attorney general or a buyer may collect on the bond in the same
manner and on the same terms as provided for an escrow account. The aggregate
liability of the surety for all refunds shall not exceed the amount of the
bond. If refunds exceed the amount of the bond, distribution will be on a
pro-rata basis.
Notes
State regulations are updated quarterly; we currently have two versions available. Below is a comparison between our most recent version and the prior quarterly release. More comparison features will be added as we have more versions to compare.
No prior version found.