Sec. 3. (a) No contract for health spa services may require payments or financing by the buyer over a period in excess of thirty-six (36) months from the date that the contract is entered into. The term of a contract may not be measured by or be for the life of the buyer.

     (b) The term of a contract may not exceed three (3) years from the date that the contract is entered into. A buyer may renew a contract for additional periods, but the contract price for the renewal of a contract must be at least twenty-four dollars ($24) per year.

As added by P.L.249-1983, SEC.1. Amended by P.L.24-1989, SEC.15.

Terms Used In Indiana Code 24-5-7-3

  • Buyer: means a purchaser of services under a contract for health spa services. See Indiana Code 24-5-7-1
  • Contract: means a contract for health spa services entered into after August 31, 1983. See Indiana Code 24-5-7-1
  • Contract: A legal written agreement that becomes binding when signed.
  • Health spa: means any business entity, other than an entity that is exempt from taxation under Section 501 of the Internal Revenue Code, offering health spa services to the public. See Indiana Code 24-5-7-1
  • Year: means a calendar year, unless otherwise expressed. See Indiana Code 1-1-4-5
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