| (a) Unless exempted, a health spa operator must file a surety bond or post as other security: (1) Cash or its equivalent; or (2) a Certificate of Deposit as prescribed in §102.45 of this subchapter (relating to Procedure for Filing Certificates of Deposit as Security). (b) The secretary of state will not accept Letters of Credit as security under §702.151 of the Health Spa Act. Letters of Credit posted as security on December 27, 2004 may continue as security until the expiration date of the Letter of Credit. On or before such expiration date, the health spa operator shall replace the Letter of Credit with a form of security authorized by subsection (a) of this section. |
