1. A. As an alternative to the trust requirements of Section 306 of this title, an organization may purchase a surety bond in an amount not less than the aggregate value of outstanding liabilities on undelivered prepaid cemetery merchandise contracts. For the purposes of this section, the term "outstanding liabilities" means the gross replacement or wholesale value of the prepaid cemetery merchandise.
2. B. The bond shall be made payable to the State of Oklahoma for the benefit of the State Banking Commissioner and all purchasers of prepaid cemetery merchandise. The bond shall be approved by the Commissioner.
3. C. The Commissioner shall establish by rule the requirements and guidelines for the bonds required herein.

Laws 1989, SB 155, c. 297, § 23, eff. November 1, 1989; Amended by Laws 1995, HB 1951, c. 82, § 9, eff. November 1, 1995.