Loading chat...
IN SB0447
Bill
AI Summary
-
Permits banks, trust companies, savings associations, and credit unions to contract with third parties to manage funeral trust accounts funded by settlors' payments.
-
Requires third-party account managers to be investment advisers registered either with the United States Securities and Exchange Commission or with Indiana under IC 23-19-4.
-
Mandates that investment advisers managing settlor accounts comply with the Indiana Uniform Prudent Investor Act under IC 30-4-3.5-1(c)(3).
-
Effective date: July 1, 2015.
Legislative Description
Management of funeral trust accounts. Provides that the bank, trust company, savings association, or credit union that receives the payments made by the settlor of a funeral trust may enter into a contract under which the settlor's account will be managed by a third party. Requires that the third party be an investment adviser registered with the United States Securities and Exchange Commission or with the Indiana securities commissioner. Requires an investment adviser managing a funeral trust settlor's account to comply with the Indiana Uniform Prudent Investor Act.
Last Action
Public Law 53
4/23/2015