SB 1009 Summary

• Allows cemeteries to establish irrevocable endowment and perpetual care trust funds with 2 or more individuals as trustees (in addition to regulated financial institutions), effective January 1, 2015, with officers or directors of the cemetery permitted to serve as trustees.

• Requires cemeteries to deposit at least $50,000 initially into the endowment fund before selling burial, entombment, or columbarium rights, and then deposit at least 15% of monthly proceeds from such sales (minimum $20 per transaction) into the fund.

• Permits bundling or pooling of trust funds for multiple cemeteries with common ownership under specified conditions, including separate account records, deposits with regulated financial institutions, and individual account title held by trustees.

• Requires annual reporting to the commissioner before July 1 of endowment fund information and financial condition, certified by a certified public accountant, with sworn statements from cemetery owners regarding accuracy and internal controls.

• Establishes penalties for deficiencies in required deposits, failures to timely submit reports, and unauthorized fund transfers, enforceable through administrative hearings and court actions by the attorney general.