Any organization which shall accept money or anything of value for cemetery merchandise pursuant to a prepaid cemetery merchandise contract shall first obtain a permit from the State Banking Commissioner authorizing the transaction of this type of business before entering into any such contract. It shall be unlawful to sell any prepaid cemetery merchandise unless the organization holds a valid, current permit at the time such contract is made. The organization shall not be entitled to enforce a contract made in violation of the Cemetery Merchandise Trust Act, but the purchaser, or the heirs or legal representative of the purchaser, shall be entitled to recover triple the amounts paid to the organization with interest thereon at the rate of six percent (6%) per annum under any contract made in violation hereof.

Laws 1989, SB 155, c. 297, § 19, eff. November 1, 1989; Amended by Laws 1995, HB 1951, c. 82, § 5, eff. November 1, 1995.