HB5584 Summary

• Amends the Cemetery Care Act to require every cemetery authority to choose between two methods for distributing income from a care fund: all net ordinary income, or a unitrust disbursement not exceeding 5% of the fund's fair market value.

• Cemetery authorities selecting the unitrust method must deliver written instructions to the trustee at least 60 days before the calendar year begins and notify the Comptroller of their choice and selected percentage.

• Distributions from care funds may be made monthly, quarterly, semiannually, or annually as agreed between the cemetery authority and trustee; absent written instructions, the trustee shall distribute net income monthly.

• Unitrust disbursements are limited if the care fund falls below 80% of its fair market value from the preceding calendar year; in such cases, only net ordinary income may be distributed that year.

• Exempts fraternal cemeteries, municipal/state/federal cemeteries, religious cemeteries, and family burying grounds from these requirements.