Health club facilities in Maryland are regulated by the state’s Attorney General.
There are two categories of health club surety bonds required.
If your health club is a new business and you are conducting a pre-opening activities, you require a $50,000 surety bond.
As your sales surpass the $50,000 surety bond amount, the bond must likewise increase to reflect that amount.
Whereas for an existing health club facility, the maximum surety bond amount is $200,000, for this type of facility, there is no maximum surety bond amount required.
Until the facility formally opens, you must file monthly affidavits with the AG Office.
For existing health club businesses, you must file a “Schedule of Outstanding Liabilities”. After having done so, the Commission will determine the amount of surety bond you require. The minimum amount will be $50,000.
If you elect to not file the Schedule with the Commission, then to be in compliance, you must obtain a $200,000 Maryland health club bond for each health club location you operate.
A well-qualified applicant for either category of surety bonds will typically pay between 1-2% of the amount of surety bond required.
Once issued, despite the health club bond is active for one year from the date of issuance. A Maryland health club bond for pre-sales businesses which are subsequently amended will keep the same expiration date.
The purpose of the health club bond is a financial guarantee which serves the following purpose:
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