1. A. The owner of a cemetery maintaining a Perpetual Care Trust Fund, or certificate of deposit in lieu of a Perpetual Care Trust Fund, shall be required to pay to the State Banking Commissioner an annual fee of Two Hundred Dollars ($200.00), and file a report of each cemetery by March 15 of each year with the State Banking Commissioner, showing, for the preceding calendar year:

   1. 1. The gross amount received from sales of grave spaces, lots, mausoleum crypts and niches;
   2. 2. The total purchase price of grave spaces, lots, mausoleum crypts and niches on contracts which received final payment and required deposits to the Perpetual Care Fund during the calendar year;
   3. 3. The operating expenses incurred during the calendar year which are eligible to be paid from income of the Perpetual Care Fund;
   4. 4. The total amount of the principal of the Perpetual Care Fund as of the beginning of the preceding calendar year; and

   5. 5. The amount segregated and deposited in the Perpetual Care Fund as provided by this act which, if the Perpetual Care Fund is held in trust, shall be certified by the trustee of the Perpetual Care Fund as to correctness thereof, and the trustee shall provide:

      1. a. the total amount of the principal of the Perpetual Care Fund as of the end of the calendar year,
      2. b. the securities and other assets in which such perpetual care funds are invested,
      3. c. the cash on hand,
      4. d. a verification in writing of all assets in which monies of the Perpetual Care Fund have been invested; provided, such verification shall be obtained from the holder or holders of such assets,
      5. e. the income derived from the Perpetual Care Fund investments during the calendar year, and

      6. f. the gross expenditures or transfers from income of the Perpetual Care Fund during the calendar year.

         The annual fee collected pursuant to this subsection shall be deposited in the Cemetery Merchandise Trust Act Revolving Fund created pursuant to Section 316 of this title.

2. B. If the Perpetual Care Fund is maintained in a certificate of deposit in lieu of a trust fund, the cemetery shall provide in its annual report a verification from the financial institution as to the amount of principal of the Perpetual Care Fund as of the end of the calendar year, and the amount of funds contributed to the certificate of deposit by the cemetery as of each maturity date of the certificate of deposit during the last calendar year.
3. C. The Commissioner shall have authority, at any time, to inspect the books and records of any such cemetery, and to make an examination thereof for the purpose of determining if proper sums have been deposited with the trustee in the Perpetual Care Fund, or in a certificate of deposit maintained in lieu of a trust fund, and if the Fund is being properly administered by the trustee in accordance with the provisions of the Perpetual Care Fund Act and rules of the Commissioner. Each cemetery owner and trustee is responsible for maintaining satisfactory books and records which adequately justify all information contained in the annual report required by this section. The Commissioner shall charge and collect a fee for such examination, which fee shall be deposited in the Cemetery Merchandise Trust Act Revolving Fund.

Laws 1953, HB 989, p. 17, § 6, emerg. eff. May 19, 1953; Amended by Laws 1993, SB 275, c. 218, § 3, eff. September 1, 1993; Amended by Laws 1995, HB 1951, c. 82, § 2, eff. November 1, 1995.