1. A. The Cemetery Merchandise Trust Act, Section 302 et seq. of this title, shall be administered by the State Banking Commissioner. The Commissioner is authorized to promulgate reasonable rules concerning the keeping and inspection of records, the filing of contracts and reports, investments of and handling of the trust funds, and all other matters incidental to the orderly administration of this law. Any reference to the Oklahoma Banking Board in rules promulgated pursuant to the Cemetery Merchandise Trust Act shall mean the State Banking Commissioner. The rules promulgated by the Oklahoma Banking Board prior to the effective date of this act shall continue in effect until such rules are amended or repealed by rule of the Commissioner promulgated pursuant to the provisions of Article I of the Administrative Procedures Act. All prepaid cemetery merchandise contracts must be in writing, and no such contract form shall be used without first being submitted to the Commissioner.
2. B. An organization aggrieved by an action or order of the Commissioner may appeal the action or order to the State Banking Board which may then affirm, modify or reverse the action or order of the Commissioner as provided by the Administrative Procedures Act.
3. C. The provisions of the Cemetery Merchandise Trust Act shall not be applicable to any organization that has obtained a permit pursuant to Section 6121 of Title 36 of the Oklahoma Statutes if the organization is in compliance with the provisions of Sections 6121 through 6136.18 of Title 36 of the Oklahoma Statutes with respect to items that are considered cemetery merchandise pursuant to the Cemetery Merchandise Trust Act.
4. D. Unless sold pursuant to a permit issued under Section 6121 of Title 36 of the Oklahoma Statutes, no organization in Oklahoma may sell, in advance of actual need, the services of opening or closing a burial space, as defined in Section 162 of this title, unless the organization deposits in trust no less than sixty-five percent (65%) of the principal amount of the services sold, or maintains a surety bond for the full principal amount of the services sold. Any contracts for such services sold before July 1, 2009, remain enforceable by the purchaser against the seller.

Laws 1989, SB 155, c. 297, § 20, eff. November 1, 1989; Amended by Laws 1993, SB 275, c. 218, § 8, eff. September 1, 1993; Amended by Laws 1995, HB 1951, c. 82, § 6, eff. November 1, 1995; Amended by Laws 2003, HB 1270, c. 57, § 27, emerg. eff. April 10, 2003 (superseded document available); Amended by Laws 2009, HB 1618, c. 3, § 7, emerg. eff. July 1, 2009 (superseded document available).