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2004 SESSION

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HB 857 Perpetual care trust funds & preneed burial contracts; cemetery board to appt. receiver to oversee.

Introduced by: S. Chris Jones | all patrons    ...    notes | add to my profiles

SUMMARY AS PASSED HOUSE: (all summaries)

Cemetery Board; perpetual care trust funds and preneed burial contracts; appointment of receiver. Authorizes the Cemetery Board to petition the court to appoint a receiver to oversee the cemetery operations of a cemetery company in certain situations in order to protect the public. The bill also (i) increases the amount that a new cemetery company must place in an irrevocable perpetual care trust fund from $25,000 to $50,000, and (ii) clarifies that the principal of the trust fund must be used for perpetual care unless approval for other uses has been approved by the Board or the court. The bill requires the Board to promulgate regulations within 280 days.


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