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2022 SESSION
22101463DBe it enacted by the General Assembly of Virginia:
1. That § 54.1-2313.1 of the Code of Virginia is amended and reenacted as follows:
§ 54.1-2313.1. Protection of preneed burial and perpetual care trust funds; operation of cemetery company; appointment of receiver.
No licensee or any agent of the licensee shall divert or
misuse any funds held in trust or otherwise held by him for another. If preneed
or perpetual care funds are held in trust and the Board or its agents have
reason to believe that (i) the licensee is not able to adequately protect the
interest of the person involved,; (ii) the licensee has had his
license suspended, revoked, or
surrendered,;
or (iii) the conduct of the licensee or the operation of the cemetery threatens
the interests of the public, the Board may file a petition with any court of
record having equity jurisdiction over the licensee or any of the funds held by
him stating the facts upon which it relies and the relief requested. The court
may temporarily enjoin further activity by the licensee and take such further
action as shall be necessary to ensure that the
cemetery company is operated in full compliance with this chapter and the
Board's regulations, or to conserve,
protect, and disburse the funds involved, or both,
including the appointment of a receiver to
operate the cemetery company. If
such license is revoked or surrendered, then the court
shall appoint a receiver to operate the cemetery
company, and the Board shall file
a petition for
appointment of a receiver to operate the
cemetery company. The expenses or
fees of the receiver shall be paid from the assets of the cemetery company
as determined by the court. The
Board shall not be liable for any expenses or fees of the receiver.