Health clubs and fitness centers selling memberships that charge initiation fees over $125 or accept prepayments in excess of one month's fees. Required when: Before entering into a health club contract and accepting moneys in excess of the prorated monthly fee plus one month's fees or any initiation fee in excess of …
Overview
What it is.
Health clubs and fitness centers selling memberships that charge initiation fees over $125 or accept prepayments in excess of one month's fees. Required when: Before entering into a health club contract and accepting moneys in excess of the prorated monthly fee plus one month's fees or any initiation fee in excess of …
Who usually needs it
Health clubs and fitness centers selling memberships that charge initiation fees over $125 or accept prepayments in excess of one month's fees.
Pricing & timing
What to expect.
Generic pricing
License bonds are required by state and local governments to ensure compliance with industry regulations. Typical Pricing:. • Small bonds (under $25,000): Typically $100–$250 per year (flat fee). • Larger license bonds: Commonly around 1–5% of the bond amount annually. • Credit impact: Good credit: starting around 1–2% · Average credit: typically 2–4% · Credit challenges: often 4–5% or higher. Same-day approval is typical for many common license bonds. Some license bonds may price higher de…
Typical timeframe
Issuance timeframe varies by bond type and underwriting
Application
What to do next.
Tell us the bond name, state, and amount on your form.
Share business and applicant info so the team can quote it.
Sign and pay; we issue the bond and send you the documents.
Keep your effective date and renewal date on file with us.
Start the application.
You are on the exact bond page. The next step is to start the quick application.
StateVABond amountThe bond amount is determined by the number of applicable unexpired contracts: …Term lengthContinuousObligeeVirginia Department of Agriculture and Consumer Services, Office of Charitable and Regulatory ProgramsRenewalThe bond remains in effect until the surety withdraws by giving 60 days' advance written notice to the Commissioner. Health clubs must renew their state registration annually by July 1.Bond classLicense BondCategoryEducationBondHealth Club BondStatutory referenceVirginia Code § 59.1-306JurisdictionState
