59.1-297.1 - Payment and calculation of refunds. - Virginia Statutes

§ 59.1-297.1. Payment and calculation of refunds.

A. All refunds for cancellation of membership shall be paid within 30 days ofthe health spa's receipt of written notice of cancellation by the buyer andcalculated by:

1. Dividing the contract price by the term of the contract in days;

2. Multiplying the number obtained in subdivision 1 by the number of daysbetween the effective date of the contract and the date of cancellation; and

3. Subtracting the number obtained in subdivision 2 from the total price paidon the health spa contract.

B. In the event of the health spa going out of business, the date ofcancellation shall be the date the health spa ceased providing health spaservices at the facility.

C. A health spa issuing a refund to a buyer under this chapter shall do sowithin 30 days of the health spa receiving a notice of cancellation pursuantto § 59.1-297, or within 30 days of the permanent closing of the facilitydesignated in the buyer's contract.

(2003, c. 344; 2010, c. 439.)