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Who Is Required To Purchase a Dance Studio and/or Health Club Surety Bond in Nevada?
Every dance studio or healthy club must register with the Nevada Department of Business and Industry before advertising its services.
One of the requirements for registration is providing a security deposit based on:
- The number of memberships
- Whether your studio offers pre-sales of lessons, sessions, or memberships
If you've had a dance studio or health club prior to October 1, 2001 that did not have to provide a security deposit, you do not have to provide one now.
But you must obtain acknowledgment from each member and post notice in your facility.
What Are The Security Deposit Amounts?
Here are the different monetary levels for this security deposit:
| Membership Level | Bond Amount |
|---|---|
| Less than 400 | $10,000 |
| 400 to less than 800 | $15,000 |
| 800 to less than 1,200 | $20,000 |
| 1,200 to less than 1,500 | $25,000 |
| 1,500 to less than 4,000 | $35,000 |
| 4,000 to less than 25,000 | $50,000 |
| 25,000 and up | $250,000 |
If you're studio or facility pre-sells memberships, sessions, or lessons, you must provide a $100,000 security deposit.
This $100,000 security deposit can be larger if your facility has more than 25,000 members.
How Does a Surety Bond Satisfy This Security Deposit?
You can satisfy this deposit using a:
- Letter or credit
- Security deposit
- Surety bond
A surety bond will allow you to pay a small fraction of the required deposit, while the other options will require you to provide the full amount.
You'll learn about how the cost is determined in a minute.
Why is a Nevada Health Club or Spa Bond Required?
Its unfortunate, but every year there are facilities who will purposefully harm their customers to increase profits:
- Stealing from customer deposits
- Charging for fraudulent deposits
- Mismanaging fees and prepaid fees for memberships
Its because of these fraudulent facilities that the Nevada Department of Business and Industry requires new dance studios and health clubs to provide these funds.
If a dance studio or health facility is found guilty of purposefully mismanaging custom funds, the customer and/or customers can make a claim against the security deposit or surety bond for financial compensation.
The amount of compensation is limited by the amount of the deposit of surety bond.
How Much Does a Nevada Dance Studio or Health Club Bond Cost?
Remember, when you purchase a surety bond, you only have to pay a small fraction of the security deposit amount.
This small price is determined by a rate quoted from a surety.
A surety is an insurance company that underwrites surety bonds. And every surety will perform their own assessment of an applicant using factors such as:
- The personal credit of the owner or owners
- Business industry and experience
- Prior bond claims if they exist
Based on these factors the surety will quote a rate.
How To Save Hundreds Of Dollars Purchasing Your Surety Bond
This where working with a specialized surety agency like Surety Bonds Direct can save you hundreds of dollars, possibly more depending on your bond amount.
It's our sole job to:
- Price shop for you
- Find the lowest rate
- And therefore the lowest price
All you have to do is complete our online price quote request form and you'll be assigned a bond specialist to help you save money.
The best part is you don't have to purchase from us. So get your pricing by completing the form or you can call a bond specialist at 1-800-608-9950.
Surety Bond Price Examples
Some of the lower priced bonds from $25,000 down to $10,000 can be purchased for a low fixed price with zero credit check. Ask your bond specialist about these bond amounts for specifics.
Let's use the $100,000 bond for our price examples. Remember this is the bond you need if you pre-sell memberships or sessions.
Notice how a 1% to 2% change in the rate can make a huge different in the cost of the bond.
| Bond Amount | Premium Rate | Total Cost |
|---|---|---|
| $100,000 | 0.05% | $500 |
| $100,000 | 1.0% | $1,000 |
| $100,000 | 1.5% | $1,500 |
| $100,000 | 2.0% | $2,000 |
| $100,000 | 3.0% | $3,000 |
You can see getting a lower rate makes a big difference in the cost. Its a no brainer to have us price shop for you and find the lowest rate.
Request a FREE Price Quote Today
Let us price shop for you and find the lowest possible price. This costs you nothing and there's no obligation to buy once you get pricing.
Need Help? Call Us Today
Talk to a bond specialist today. They will help you find the surety bond you need and get you the lowest possible price. 1-800-608-9950
How Long Does Nevada Health Club Surety Bond Last?
This dance studio and/or healthy club surety bond has a bond term of 12 months from the bonds effective date.
The effective date is the "active" date you choose when you purchase your bond.
Once you pay for your bond, our bond issuance team will prepare your bond:
- On the correct bond form
- With the required signatures
- All the required seals
- And the power of attorney
This process typically only takes 1 business day to complete.
Because the Nevada's Department of Business and Industry will accept a copy of the surety bond, we're able to email it to you.
This speeds the process up. If you need a physical copy of the bond, we can mail it to you.
As your renewal date approaches, your bond specialist will contact you 30 to 45 days in advance to remind you the expiration date is approaching.
To renew your bond and keep it active, you only need to pay the renewal premium. It's a fast and easy process.
Health Club or Spa Bonds And Getting Your Nevada Business License/Registration
Getting your dance studio or health club registered is not a lengthy process. It mainly consists of these steps:
- Complete the Application for Registration
- Complete the Business Practices Questionnaire
- Pay the administrative fee of $25
- Provide the required security deposit (surety bond is the best option)
- Provide your business license and Certificate of Good Standing
- Pay required fees to the Nevada Consumer Affairs unit
And during each calendar year you must update your total membership on a quarterly basis and adjust your security deposit to match any new dollar amounts.
Request a FREE Price Quote Today
Let us price shop for you and find the lowest possible price. This costs you nothing and there's no obligation to buy once you get pricing.
Need Help? Call Us Today
Talk to a bond specialist today. They will help you find the surety bond you need and get you the lowest possible price. 1-800-608-9950
Can't find what you're looking for? Let us help!
Get Started » or, if you'd prefer, call us at
(No obligation, takes 2 minutes)