The Oklahoma Department of Consumer Credit regulates the licensing of health clubs in the state.
As a health club business, you are required to obtain a surety bond if you meet the following conditions:
While the Department may require more for your individual circumstance, the minimum surety bond amount is $30,000.
Applicants for the Oklahoma health club bond will complete a surety bond application – which can be done over the phone with our agency --- and undergo a credit review by an underwriter. You may be required to sign the application before it is submitted for consideration.
Approved applicants for this bond will pay 1%-1.5% of the bond’s amount.
Once your health spa bond has been approved and paid for, a copy of the surety bond can be issued to you immediately.
The original surety bond, which you will sign as the bond’s Principal, will be sent to you in the mail by the following business day. Filing the original surety bond with the Department is the safer course of action.
An Oklahoma health club bond is issued with a standard one year term. Thereafter, the bond is renewed.
Applicants may also be provided with the option to prepay the bond for 2 or 3 years. While doing so offers a savings over year to renewal of the bond’s premium (assuming it is the same amount), the amount of surety required may vary from one year to the next. It is a decision which we leave you to make.
Your surety bond serves as a financial guarantee for your customers that you will be in compliance with the Oklahoma Health Spa Act and any amendments to this law.
AmeriPro Surety Bonds is a surety bonds-only agency which provides surety bonds throughout Oklahoma. Our agency also provides surety bonds nationwide.
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