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Indiana Code Title 24. Trade Regulation § 24-5-7-14

Current as of January 02, 2024 | Updated by Findlaw Staff

Sec. 14. (a) The state of Indiana shall be the obligee under the bond.

(b) The bond shall be:

(1) executed by the health spa as principal and by a corporate surety licensed to do business in Indiana as surety;

(2) in such form and shall contain such terms and conditions as the secretary of state prescribes;

(3) conditioned upon the faithful performance of all obligations of a health spa to construct or commence operations at its planned facility;  and

(4) effective from the date of filing with the secretary of state and shall continue in full force and effect until cancelled.

(c) The total and aggregate liability of the surety on a bond is limited to the amount specified in the bond.

(d) A health spa may not cancel a bond prior to the commencement of health spa services without the prior written approval of the secretary of state and without the secretary's approval of a substitute bond so as to provide continuous bonding of the health spa's activities prior to the commencement of health spa services.

(e) The surety on a bond may cancel a bond filed under this chapter only after the expiration of ninety (90) days from the date the surety, by registered or certified mail, return receipt requested, mails to the secretary of state and to the principal on the bond a notice of intent to cancel.

(f) Not later than thirty (30) days prior to the date upon which a bond cancellation becomes effective, the health spa shall give written notice to the secretary of state that a new bond has been obtained so as to provide continuous bond coverage of the health spa's activities prior to the commencement of health spa services.

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Cite this article: FindLaw.com - Indiana Code Title 24. Trade Regulation § 24-5-7-14 - last updated January 02, 2024 | https://codes.findlaw.com/in/title-24-trade-regulation/in-code-sect-24-5-7-14/

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