No person, firm, or corporation shall be considered a supplier for purposes of R.S. 8:502.1 unless it does all of the following:

1. (1) Permanently and unalterably identifies all such personal property with the name of the contract beneficiary.
2. (2) Submits to the board not less than annually a report of all personal property which has been purchased through a Louisiana cemetery authority or other entity and which at the date of such report was then in storage.
3. (3) Permits the board or its designee, at any time, to examine stored personal property which was purchased through a Louisiana cemetery authority or other entity and to examine any document pertaining thereto.
4. (4) Submits evidence of a bond insuring the existing and good title of any personal property due any contract beneficiary purchased through a Louisiana cemetery authority or other entity.
5. (5) Submits evidence insuring that all personal property purchased through a Louisiana cemetery authority or other entity and being stored by the supplier is insured for casualty, theft, or other loss normally assumed by a compensated depositary or bailee for hire.

Acts 1997, No. 921, §1; Acts 2022, No. 574, §1.