HB3102 Summary

• Amends the Cemetery Care Act to add definitions for "average fair market value," "total return percentage," and "net income" to enable alternative distribution methods from cemetery care funds.

• Creates new Section 3.1 authorizing trustees to establish master trust funds for collective investment of cemetery care funds from multiple participating cemetery authorities, with separate accounting for each participant.

• Establishes Section 4.1 allowing cemetery authorities to choose between ordinary income distributions or total return distributions (3-5% of average fair market value) from care funds, with detailed application requirements and oversight by the State Comptroller.

• Adds Section 4.2 requiring applications to the Comptroller for total return distribution elections, specifying investment policies, distribution rates, and conditions under which the Comptroller may reduce rates or require reconversion to ordinary income distributions.

• Modifies existing provisions in Sections 2, 4, 5, 14, and 15a to clarify care fund management, trustee requirements, and procedures for abandoned cemeteries, including provisions for local government takeover of defunct cemeteries.