7735. No funeral establishment licensed under the laws of the State of California, or the agents or employees of a funeral establishment, shall enter into or solicit any preneed arrangement, contract, or plan, hereinafter referred to as “contract,” requiring the payment to the licensee of money or the delivery to the licensee of securities to […]
7735.5. The preneed funeral arrangement contract shall clearly state if benefits are unavailable or limited for any reason. (Added by Stats. 2001, Ch. 715, Sec. 4. Effective January 1, 2002.)
7736. For the purposes of this article the term “trustee” shall mean any banking institution or trust company legally authorized and empowered by the State of California to act as trustee in the handling of trust funds or not less than three persons one of whom may be an employee of the funeral establishment; the […]
7737. (a) All securities purchased by the trustor for deposit in trust and all money received from the trustor for deposit in trust shall be placed in trust with a trustee within 30 days of their receipt by the funeral establishment pursuant to a trust agreement executed by the funeral establishment, the trustor, and the trustee. […]
7737.1. (a) (1) For purposes of Section 7737, a funeral establishment that intends to cease engaging in business operations, as authorized under this chapter, by reason of dissolution, closure, sale, or revocation and that intends to transfer its preneed funeral agreements to a licensed successor funeral establishment, pursuant to subdivision (c) of Section 7737, shall provide written […]
7737.2. (a) The bureau shall create, and post on its internet website, the forms required by Section 7737.1 by January 1, 2023. (b) The bureau shall adopt and post on its internet website, by January 1, 2023, regulations regarding the type of proof of notice the funeral establishment ceasing operations and the licensed successor funeral establishment are […]
7737.3. All commingled preneed trust funds held by a funeral establishment shall be subject to an annual, independent certified financial audit with a copy of the audit to be submitted to the bureau for review within 120 days of the close of the fund’s fiscal year. Any findings of noncompliance with existing law regarding preneed […]
7737.5. A trustee may deposit the corpus of the trust in any financial institution insured by the Federal Deposit Insurance Corporation. (Amended by Stats. 1998, Ch. 970, Sec. 91. Effective January 1, 1999.)
7737.7. A trustee may deposit the corpus of the trust in any credit union which is insured by the National Credit Union Share Insurance Fund. (Added by Stats. 1987, Ch. 764, Sec. 1.)
7738. A licensed funeral establishment that is also a licensed cemetery authority shall not deposit any money or securities received in connection with preneed funeral arrangements in a special endowment care fund as provided in Article 4 (commencing with Section 8775) of Chapter 5 of Part 3 of Division 8 of the Health and Safety […]
7739. Any person willfully violating the provisions of this article or any of them shall be punishable either by imprisonment in a county jail for a period not exceeding six months, or by fine not exceeding five hundred dollars ($500), or by both imprisonment and fine, or by imprisonment pursuant to subdivision (h) of Section […]
7740. The bureau is authorized to enforce of its own initiative the provisions of this article and may adopt such rules and regulations as in its opinion may be necessary to perform such duties and to safeguard the trust funds subject to this chapter. (Amended by Stats. 2000, Ch. 568, Sec. 145. Effective January 1, […]
7740.5. A funeral establishment shall pay to the bureau the fee fixed by this chapter for filing with the bureau any report on preneed trust funds required by rules and regulations of the bureau adopted pursuant to Section 7740. (Amended by Stats. 2000, Ch. 568, Sec. 146. Effective January 1, 2001.)
7741. Nothing in this article shall apply to cemetery property; cemetery commodities; cemetery service; or merchandise that is delivered as soon as paid for. (Added by Stats. 1965, Ch. 1414.)
7742. Nothing in this article shall apply to any arrangement, contract, or plan for the issuance of securities now or hereafter authorized under a permit of the Commissioner of Financial Protection and Innovation of this state. (Amended by Stats. 2022, Ch. 452, Sec. 7. (SB 1498) Effective January 1, 2023.)
7745. Every funeral establishment shall present to the survivor of the deceased who is handling the funeral arrangements or the responsible party a copy of any preneed agreement which has been signed and paid for in full, or in part by, or on behalf of the deceased and is in the possession of the funeral […]
7746. (a) Notwithstanding any other provision of law, a funeral establishment that is otherwise exempt from the requirement of filing an annual preneed trust report or whose preneed trust funds are reported in a combined preneed annual preneed trust report, shall annually file a declaration of nonreporting status with the bureau. (b) The declaration shall be filed […]
