(a)

1. (1) All assessments, membership dues, or other funds collected by any burial association must be deposited by the secretary/treasurer of the association within twenty (20) business days from the date collected or received by the association.
2. (2) All collections must be deposited into the burial association’s mortuary fund for payment of membership benefits or invested.

(b)

1. (1) All accounts, records, and books reflecting the financial status of all burial associations shall be open to inspection by the State Board of Embalmers, Funeral Directors, Cemeteries, and Burial Services’ auditor and employees of the board.
2. (2) Anytime a shortage is found in a burial association by the auditors, it shall be considered a prima facie violation of the Burial Association Act, and the board may initiate action to remove the secretary/treasurer and revoke or suspend the certificate of authority granted to the burial association.

(d)

1. (1) Funds received by an agent of a burial association are considered to have been received by the association.
2. (2) Associations shall not permit agents to deduct the operating expense from collections prior to remitting them to the secretary/treasurer of the association.
3. (3) All funds collected must be deposited in the bank account of the association and all disbursements must be made by check, signed by the secretary/treasurer of the association.
4. (4) The exception to this section is that the membership fee may be paid directly to the secretary/treasurer or to some other person appointed by the association as agent and licensed by the board.