No person shall offer to enter into, or enter into a contract, for the sale of a memorial, mausoleum crypt, or other cemetery merchandise that is to be used in connection with the interment of a deceased human being, wherein the memorial or other cemetery merchandise is not delivered or the mausoleum crypt is not constructed until the death, or at some future time, of the person for whose interment such personal property is to be furnished, except as provided below:

1. (a) Any person entering into any such contract as the seller shall deposit into a merchandise fund, established for that purpose with a financial institution authorized to conduct business in South Carolina, one hundred (100) percent of the actual cost, at time of deposit, of the personal property sold for future need.
2. (b) The deposit required to be made into such merchandise fund shall be made within sixty (60) days after the seller has received final payment of the purchase price provided for under such contract.

HISTORY: Formerly R. 21-32. Renumbered by State Register Volume 37, Issue No. 6, eff June 28, 2013.