S.C. Code Regs. § § 21-21

Current through Register Vol. 48, No. 11, November 22, 2024

Section 21-21 - Deposits to Fund

(a) Any person who enters into a contract for the sale of a space in a private family mausoleum or community mausoleum or bank of belowground crypts prior to the completed construction thereof shall establish a fund entitled "Pre-Construction Fund" with a financial institution authorized to conduct business in South Carolina. The pre-construction fund shall be administered and operated in the same manner as the merchandise fund provided for in Code Section 40-8-110(F), and shall be exclusive of the merchandise fund or other funds that may be required by law.

(b) The seller's cost of a space in a private or a community mausoleum or in a bank of belowground crypts shall be determined by the contract and plans between the cemetery company and the building contractor.

(c) When any memorial, mausoleum crypt, or other merchandise is sold in advance of need and not installed until a later date, one hundred (100) percent of actual cost to the seller at time of deposit must be placed in a financial institution within sixty (60) days after completion of the contract, with interest to accrue, and may not be withdrawn without the consent of the purchaser until the time of delivery or construction.

S.C. Code Regs. § 21-21

Replaced and Amended by State Register Volume 37, Issue No. 6, eff June 28, 2013.