The Maryland Health Club Bond is required by the Office of the Attorney General,Consumer Protection Division. The bond states that the bondholders are held and firmly bound to the facility’s members for their damages due to the closing or bankruptcy of the facility. In addition, they are bound to the State of Maryland for damages incurred by consumers and administrative expenses incurred by the Consumer Protection Division.
What is the amount for a Maryland Health Club bond?
Existing (business) clubs must post a bond that is adequate to cover all outstanding liabilities to its members. This is the amount of money a business would have to refund to members if it closed. Maximum amount of $200,000.
New business must post a $50,000 bond before making sales. The bond must be increased accordingly as sales exceed $50,000.
Surety1 has access to the best surety markets available. We will be able to get you bonded quickly at the best possible price.
Who must Register as a Bonded Business?
All health club service providers must register with the Health Club Unit, Consumer Protection Division. These services includes health clubs/gyms, personal or athletic trainers, weight loss centers, and self-defense schools.
Your business must provide a Maryland Health Club bond if it:
- Collects or accepts more than three months of payment in advance of providing services, including annual fees.
- Collects or charges an initiation fee or any other up-front fee more than $200.
- Pre-sales services for an not yet opened facility and collects money in advance.
Why should I choose Surety1 for my Maryland Health Club Bond?
Surety1 has been issuing surety bonds for the State of Maryland since 2003. We are rated A+ by the Better Business Bureau for our outstanding service.
To receive a firm quote, complete our easy to navigate free online application form. An agent will be in touch with a no-obligation quote on the bond premium. Then you pay for the bond, sign some important paper work and the bond is mailed out. You have the option to receive your Health Care bond through USPS Priority Mail or overnight delivery.