Section 24-5-7-3 - Contracts; term; limitations(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.