Tennessee Health Club Bond
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How much does a health bond cost in Tennessee?
The Tennessee Division of Consumer Affairs requires each health club in the state to post a $25,000 surety bond. The cost of the Tennessee health club surety bond will be different for each applicant. This specific bond’s cost is subject to underwriting and is based on the applicant’s credit report. Individuals who have credit scores above 680 could pay as little as 1% of the bond amount, or just $250!
Bad credit? No problem! Our experts can still get you bonded.
We have the answers to all your bond questions at SuretyBonds.com! Fill out our online bond request form or give us a call at 1 (800) 308-4358 to get started!
Why do I need this bond?
If the health club violates any of the rules found in the Tennessee Code Annotated, 47-18-301, this bond ensures that they will make a full restitution of fees to the harmed member(s). Specifically, this bond ensures that all prepaid membership dues, up to the full bond amount, will be returned to health club members if the club closes or is otherwise unable to fulfill all contracted services and amenities.
What’s the fine print?
The Tennessee health club surety bond is required and approved by the Tennessee Division of Consumer Affairs. This bond remains effective unless voided or canceled. The surety must send a cancellation notice to the state at least 30 days before the date of termination.
How to start a health club in Tennessee
Applicants must include the following in their registration applications:
- copy of the membership agreement
- current personal or corporate financial statement prepared by a certified public accountant
- $25,000 surety bond
- $250 registration fee
- audited financial statements, corporate charter, recent annual report, and partnership agreement (if applicable)
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