407.340. Bond, issued in favor of state of Missouri, payable to whom — aggregate liability — no cancellation without attorney general's consent.
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/mo/chapter-407/407-340A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
407.340. Bond, issued in favor of state of Missouri, payable to whom — aggregate liability — no cancellation without attorney general's consent. — 1. The bond or letter of credit required by section 407.339 shall be in favor of the state of Missouri for the benefit of:
(1)Any buyer injured by having paid money for health spa services in a facility which fails to open within sixty days after the date upon which the buyer and the health spa entered into a contract or goes out of business prior to the expiration of the buyer's health spa contract; or
(2)Any buyer injured as a result of a violation of sections 407.325 to 407.340 .
2. 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 letter of credit shall not be cancelled or terminated except with the consent of the office of the attorney general.
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(L. 1988 S.B. 486 § 10)