Virginia Statutes
§ 59.1-307 — Bond or letter of credit; persons protected
Virginia § 59.1-307
This text of Virginia § 59.1-307 (Bond or letter of credit; persons protected) is published on Counsel Stack Legal Research, covering Virginia primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.
Bluebook
Va. Code Ann. § 59.1-307 (2026).
Text
A. The bond or letter of credit required by § 59.1-306 shall be in favor of the Commonwealth for the benefit of (i) any buyer injured by having paid money for health club services in a facility that fails to open by the date provided by the contract, which date shall not be in excess of 12 months from the signing of the contract;
(ii)any buyer injured by having paid money for health club services in a facility which goes out of business prior to the expiration of the buyer's health club contract; or (iii) any buyer injured as a result of a violation of this chapter.
B. The aggregate liability of the bond or letter of credit to all persons for all breaches of the conditions of the bond or letter of credit shall in no event exceed the amount of the bond or letter of credit. The bond or let
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Legislative History
1984, c. 738; 1987, c. 547; 2014, c. 459.
Nearby Sections
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Repealed§ 59.1-10
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Bluebook (online)
Virginia § 59.1-307, Counsel Stack Legal Research, https://law.counselstack.com/statute/va/59.1/59.1-307.