§35-5B-5. Requirements for Preneed Cemetery Company Contracts
A preneed cemetery company contract shall: (1) Be written in clear understandable language and printed in easy-to-read type, size and style;
§35-5B-6. Identification of Funds
Any funds deposited in the trust account as required by section four of this article shall be identified in the records of the seller by the contract number and by the name of the buyer. The trustee may commingle the deposits in any preneed trust account for the purposes of the management thereof and the […]
§35-5B-7. Corpus of Trust Account and Income to Remain in Preneed Trust Account; Exception
The corpus of the trust account shall remain intact until the property or goods are delivered or services performed as specified in the contract: Provided, That the net income from the preneed trust account may be used to pay any appropriate trustee and Auditor fees, commissions and costs. The net income from the preneed trust […]
§35-5B-8. Disbursement of Trust Funds Upon Performance of Contract; Mausoleum Construction Required
(a) Upon performance of the preneed cemetery company contract, the seller shall certify to the trustee by affidavit the amount of specific funds in the trust, identified with the contract performed, which the trustee shall pay to the seller. The seller may in its records itemize the property, goods or services and the consideration paid […]
§35-5B-9. Seller Required to Keep Records
Each seller of a preneed cemetery company contract shall record and keep detailed accounts of all contracts and transactions regarding preneed cemetery company contracts and the records shall be subject to examination by the Tax Commissioner.
§35-5B-2. Information Filing; Fees, Compliance Agent
On or after July 1, 1993, no person, partnership, firm or corporation may engage in the business of operating a cemetery company in this state without having first paid an annual registration fee established by the Tax Commissioner in an amount not to exceed $400, and filing with the Tax Commissioner certain information which shall […]
§35-5B-3. Exemptions
The provisions of this article do not apply to: (1) Sales of property, goods and services subject to the provisions of article fourteen, chapter forty-seven of this code;
§35-5B-4. Deposit in Preneed Trust Required; Who May Serve as Trustee
(a) Each cemetery company shall deposit into an interest bearing trust fund forty percent of the receipts from the sale of property, goods or services purchased pursuant to a preneed cemetery company contract including sales of opening and closing or interment services, when the delivery thereof will be delayed more than one hundred twenty days […]
§35-5B-1. Definitions
The following words and phrases as used in this article, unless a different meaning is clearly indicated by the context, have the following meanings: (1) "Burial vault" means a protective container for a casket which is used to prevent a grave from sinking.