Bond, issued in favor of state of Missouri, payable to whom
A health spa must have a bond or letter of credit to protect customers. If a health spa never opens, closes early, or breaks the rules, customers who lost money can make a claim against that bond. The total amount paid out to all customers combined cannot go over the total amount of the bond. The bond cannot be cancelled without approval from the attorney general's office.
407.340. , issued in favor of state of Missouri, payable to whom — — no without 's . — 1. The bond or required by section 407.339 shall be in favor of the state of Missouri for the of:
(1) Any buyer injured by having paid money for services in a facility which fails to open within sixty days after the date upon which the buyer and the health spa entered into a contract or goes out of business prior to the expiration of the buyer's ; or
(2) Any buyer injured as a result of a violation of sections 407.325 to 407.340.
2. 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 or terminated except with the consent of the office of the attorney general.
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Source & history notes
(L. 1988 S.B. 486 § 10)
Legal information, not legal advice. Always confirm with the official source at revisor.mo.gov.