§ 59-2008. Change in ownership - Bond or letter of credit.

For purposes of the Oklahoma Health Spa Act, a health spa shall be considered a new health spa and subject to the requirements of a bond or letter of credit at the time the health spa changes ownership.  A change in ownership shall not release, cancel or terminate liability under any bond or letter of credit previously filed unless the Administrator agrees in writing to such release, cancellation or termination because the new owner has filed a new bond or letter of credit for the benefit of the previous owner's members or because the former owner has refunded all unearned payments to its members.

Added by Laws 1987, c. 217, § 10, eff. Nov. 1, 1987. Amended by Laws 1988, c. 215, § 7, eff. Nov. 1, 1988. Renumbered from Title 15, § 775.8 by Laws 1988, c. 215, § 12, eff. Nov. 1, 1988.