No health club contract shall have a duration for a period longer than thirty-six months, including any renewal period; however, a health club contract may exceed 36 months provided that:
1. Any initiation fee does not exceed 10 times the initial monthly fee;
2. All payments for health club services, other than the initiation fee, are collected as monthly fees on a monthly basis;
3. After an initial term of not more than 12 months, either party may cancel the health club contract upon not more than 30 days’ notice; and
4. The monthly fee is never reduced below 80 percent of the monthly fee at the time the contract is initially executed.