Section R. 456.1501 - Merchandise trust accounts; required depositsRule 501.
(1) For preneed contracts for cemetery merchandise or services executed before January 1, 2005, excluding items or services sold under the agreements for disposition of dead human bodies act, 1954 PA 70, MCL 328.201 to 328.204, a registrant, or an agent authorized by a registrant to act on its behalf, under an agreement or sales contract to sell cemetery merchandise or services shall deposit the following amounts into a merchandise trust account, and maintain those deposits until the cemetery merchandise or services are installed, delivered, performed, or terminated: (a) One hundred percent of the cost of each memorial that the registrant is obligated to furnish and install.(b) The greater amount of either 100% of the proceeds received from the sale of cremations, grave openings and closings or $100.00 for each cremation, or grave opening and closing that the registrant is obligated to furnish.(2) Deposits required under this rule shall be deposited no later than the last day of the month following the month of collection.Mich. Admin. Code R. 456.1501
2015 MR 19, Eff. 10/6/2015