Indiana § 24-5-7-14 - Surety bonds; requisites; cancellation; notices; new bond
Full text of Indiana Indiana Code § 24-5-7-14 — Surety bonds; requisites; cancellation; notices; new bond, with citation guidance and answers to common questions.
§ 24-5-7-14. Surety bonds; requisites; cancellation; notices; new bond
Sec. 14. (a) The state of Indiana shall be the obligee under the bond.
(b) The bond shall be:
(1) executed by the health spa as principal and by a corporate surety licensed to do business in Indiana as surety;
(2) in such form and shall contain such terms and conditions as the secretary of state prescribes;
(3) conditioned upon the faithful performance of all obligations of a health spa to construct or commence operations at its planned facility; and
(4) effective from the date of filing with the secretary of state and shall continue in full force and effect until cancelled.
(c) The total and aggregate liability of the surety on a bond is limited to the amount specified in the bond.
(d) A health spa may not cancel a bond prior to the commencement of health spa services without the prior written approval of the secretary of state and without the secretary's approval of a substitute bond so as to provide continuous bonding of the health spa's activities prior to the commencement of health spa services.
(e) The surety on a bond may cancel a bond filed under this chapter only after the expiration of ninety (90) days from the date the surety, by registered or certified mail, return receipt requested, mails to the secretary of state and to the principal on the bond a notice of intent to cancel.
(f) Not later than thirty (30) days prior to the date upon which a bond cancellation becomes effective, the health spa shall give written notice to the secretary of state that a new bond has been obtained so as to provide continuous bond coverage of the health spa's activities prior to the commencement of health spa services.
As added by P.L.249-1983, SEC.1.
Source: official Indiana text · Last verified 2026-08-27
Frequently Asked Questions About Indiana § 24-5-7-14
What does Indiana Code § 24-5-7-14 cover?
Section 24-5-7-14 ("Surety bonds; requisites; cancellation; notices; new bond") is part of the Indiana Code, the codified statutory law of Indiana. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Indiana § 24-5-7-14?
A common citation format is "Indiana Code § 24-5-7-14" (Indiana). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Indiana law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Indiana official source linked on this page or consult a licensed Indiana attorney.
How does Indiana § 24-5-7-14 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Indiana can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in Indiana.