SB3207 Summary

• Amends the Cemetery Care Act to define "average fair market value" as the average of fair market values on the first day of the current and preceding 2 fiscal years, or the entire term if less than 2 prior years exist.

• Defines "total return percentage" as an annual percentage of 3-5% (selected by the fund trustee or cemetery authority) applied to the average fair market value of the care fund.

• Allows cemetery authorities to choose between net income distribution or total return distribution methods for accessing care fund assets, with applications for total return distribution required at least 60 days before implementation.

• Permits reduction of the total return percentage without restriction, but increases require submission of documentation showing the care fund's rate of return over the last 3 years to the Comptroller.

• Authorizes the Comptroller to impose corrective measures (reducing distribution percentages or limiting to net income only) if care fund values decline 10% or more, fall below 80% of initial value, or if trustee lacks sufficient expertise, but allows exceptions for unusual temporary circumstances.