§ 5-50-5 - Duration of contracts.
SECTION 5-50-5
§ 5-50-5 Duration of contracts. – (a) No contract for health club services shall be for a term longer thantwenty-four (24) months; except that upon expiration of the contract, theseller may offer the buyer the right to renew his or her contract for asimilar, shorter or longer period not to exceed twenty-four (24) months.
(b) No contract for health club services shall requirepayments or financing by the buyer over a period that extends more than onemonth beyond the expiration of the contract. The installment payments shall bein substantially equal amounts exclusive of the down payment and shall berequired to be made at substantially equal intervals, not more frequently thanone payment per month.
(c) No contract for health club services may contain anyprovisions where the buyer agrees not to assert against the seller, or anyassignee or transferee, of the health club services contract, any claim ordefense arising out of the health club services contract or the buyer'sactivities at the health club.
(d) No contract for services may require the buyer to executea promissory note or series of promissory notes which, when negotiated, cutsoff as to third parties a defense which the buyer may have against the seller.