Ala. Admin. Code r. 395-X-11-.02

Current through Register Vol. 43, No. 1, October 31, 2024

Section 395-X-11-.02 - Merchandise And Services Trusts

(1) A merchandise and services trust agreement must be approved by the Board prior to use. The trust must be irrevocable.

(2) On or after January 1, 2015, funds collected for preneed funeral merchandise and services contracts shall be trusted in a funeral merchandise and services trust. Funds collected for preneed cemetery merchandise and services contracts shall be trusted in a cemetery merchandise and services trust. Sellers that offer both preneed funeral merchandise and services contracts and cemetery merchandise and services contracts shall include caskets on the preneed funeral merchandise and services contract form and trust accordingly as provided in this Chapter.

Adopted by Alabama Administrative Monthly Volume XLII, Issue No. 06, March 29, 2024, eff. 5/13/2024.

Author: Charles M. Perine

Statutory Authority:Code of Ala. 1975, §§ 34-13-26, 34-13-27, 34-13-170 to -277.