MI SB1377

Amends cemetery regulation law to require cemeteries to establish irrevocable endowment and perpetual care trust funds with regulated financial institutions by January 1, 2010.

Requires cemeteries to deposit at least 15% of monthly proceeds from burial, entombment, or columbarium rights sales into the endowment trust fund, with minimum deposits of $20 per transaction.

Permits bundling of trust funds across multiple cemeteries with common ownership only if separate account records are maintained and assets are held with regulated financial institutions.

Requires annual reporting by cemeteries to the commissioner before July 1, certified by a certified public accountant, detailing trust fund balances, deposits, and interest usage.

Establishes commissioner authority to audit trust funds, assess penalties for deposit deficits, and grants the attorney general and circuit courts jurisdiction over endowment trust matters similar to powers under the Trusts Act.