MI SB0303

Municipal legislative bodies may provide for perpetual care and maintenance of cemeteries or burial lots upon payment of an agreed-upon sum by the lot owner or another person.

Perpetual care and maintenance funds may be invested in mutual funds with fixed income securities, equity securities, or both, provided equity positions do not exceed 60% of the fund balance and no single asset category exceeds 40%.

Mutual funds must be rated in the top 2 of 5 or more tiers by Morningstar, Inc. or another nationally recognized rating agency at the time of purchase.

Testamentary trustees may petition probate court to transfer trust corpus money for cemetery maintenance to a municipality under an adopted ordinance or resolution, and may be discharged from the trust upon receipt of funds.

Effective date: May 16, 2016 (90 days after enactment on February 16, 2016).