02-331-16 Me. Code R. § 6

Current through 2024-51, December 18, 2024

Section 331-16-6 - Fees

1. Life Insurance Mortuary Trust Agreements

No fee may be charged by a practitioner of funeral service, funeral director or funeral home in connection with a life insurance mortuary trust agreement.

2. Guaranteed Service Mortuary Trust Agreements; Credit for Service Mortuary Trust Agreements Other Than Life Insurance Mortuary Trust Agreements

Fees may be charged in connection with guaranteed service mortuary trust agreements, and credit for service mortuary trust agreements other than life insurance mortuary trust agreements, only to the extent set forth in this subsection. Any fees charged by practitioners of funeral service, funeral directors and funeral homes for the administrative services they render as payees must be specified in the agreement. No initiation fee, however denominated, may be charged in connection with the creation of a mortuary trust. No fees may be charged except for the following services, and may not exceed the amounts shown below:

A. Transfer of account by appointment of successor trustee........ 7% of trust funds, not to exceed $250

B. Revocation of a revocable agreement.................................... 7% of trust funds, not to exceed $250

C. Actual annual financial and tax administration of the account performed by or on behalf of the funeral home.................................................................................. 25% of net interest earned per annum, not to exceed $125

No fee for financial or tax administration may be charged for work not actually performed.

"Net interest earned per annum" is the net interest, investment income or appreciation earned by the mortuary trust account after deduction of any fees charged by the financial institution or credit union in which the account is held.

02-331 C.M.R. ch. 16, § 6