Maryland Health Club Bond |
AmeriPro Surety Bonds | 844-589-9732
Health Clubs – Maryland
Health club facilities in Maryland are regulated by the state’s Attorney General.
There are two categories of health club surety bonds required.
- One, with a surety bond amount to be determined by pre-sales for new businesses;
- A second, for renewal surety bond members with an amount for existing businesses.
Pre-Sales: Amount of Surety Bond 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.
Existing Maryland Heath Club Businesses: Amount of Surety Bond Required
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.
The Cost and Duration of these Surety Bond
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 this Bond
The purpose of the health club bond is a financial guarantee which serves the following purpose:
- To ensure that the consumers who have purchased a membership may be compensated if your businesses closes or files bankruptcy.
- The bond also is for the state of Maryland to redress any financial administrative losses incurred by the failure of a health club business.
AmeriPro Surety Bonds is a surety bonds only agency. We provide license and permit, fiduciary and court surety bonds throughout Maryland and nationwide.
Our goal is to find you the surety bond you need, as quickly as reasonably possible, with the fairest pricing.
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