House Journal: Page 1325: Monday, April 23, 2001
44 28. "Seller" means a person doing business within
45 this state, including a person doing business within
46 this state who sells insurance, who advertises, sells,
47 promotes, or offers to furnish cemetery merchandise,
48 funeral merchandise, funeral services, or a
49 combination thereof when performance or delivery may
50 be more than one hundred twenty days following the
Page 5
1 initial payment on the account whether the transaction
2 is completed or offered in person, through the mail,
3 over the telephone, by the internet, or through any
4 other means of commerce. "Seller" includes any person
5 performing any term of a purchase agreement executed
6 within this state, and any person identified under a
7 burial account as the provider of cemetery
8 merchandise, funeral merchandise, funeral services, or
9 a combination thereof.
10 29. "Total purchase price" means the aggregate
11 amount the purchaser is obligated to pay for
12 merchandise or services pursuant to the purchase
13 agreement, excluding any taxes, administrative
14 charges, or financing charges.
15 SUBCHAPTER 2
16 ESTABLISHMENT OF TRUSTS, DEPOSIT, INVESTMENT,
17 AND REPORTING REQUIREMENTS
18 Sec. . NEW SECTION. 523A.201 ESTABLISHMENT OF
19 TRUST FUNDS.
20 Unless proceeding under section 523A.401, 523A.402,
21 or 523A.403, a seller must establish a trust fund
22 prior to advertising, selling, promoting, or offering
23 cemetery merchandise, funeral merchandise, funeral
24 services, or a combination thereof in this state as
25 follows:
26 1. The trust fund must be established at a
27 financial institution.
28 2. If a seller agrees to furnish cemetery
29 merchandise, funeral merchandise, funeral services, or
30 a combination thereof and performance or delivery may
31 be more than one hundred twenty days following the
32 initial payment on the account, a minimum of eighty
33 percent of all payments made under the purchase
34 agreement shall be placed and remain in trust until
35 the person for whose benefit the funds were paid dies.
36 3. If a purchase agreement for cemetery
37 merchandise, funeral merchandise, funeral services, or
38 a combination thereof provides that payments are to be
39 made in installments, the seller shall deposit eighty
40 percent of each payment in the trust fund until the
41 full amount required to be placed in trust has been
42 deposited. If the purchase agreement is financed with
© 2001 Cornell College and
League of Women Voters of Iowa
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