407.340. Bond, issued in favor of state of Missouri, payable to whom--aggregate liability--no cancellation without attorney general's consent. - Missouri Statutes

Bond, issued in favor of state of Missouri, payable to whom--aggregateliability--no cancellation without attorney general's consent.

407.340. 1. The bond or letter of credit required bysection 407.339 shall be in favor of the state of Missouri forthe benefit of:

(1) Any buyer injured by having paid money for health spaservices in a facility which fails to open within sixty daysafter the date upon which the buyer and the health spa enteredinto a contract or goes out of business prior to the expirationof the buyer's health spa contract; or

(2) Any buyer injured as a result of a violation of sections407.325 to 407.340.

2. The aggregate liability of the bond or letter of creditto all persons for all breaches of the conditions of the bond orletter of credit shall in no event exceed the amount of the bondor letter of credit. The bond or letter of credit shall not becanceled or terminated except with the consent of the office ofthe attorney general.

(L. 1988 S.B. 486 § 10)

*No continuity with § 407.340 as repealed by L. 1963 S.B. 2 § 10-102, effective 7-1-65.