House Journal: Page 1329: Monday, April 23, 2001
40 6. The seller or any officer, director, agent,
41 employee, or affiliate of the seller shall not serve
42 as trustee. A financial institution holding trust
43 funds shall not do any of the following:
44 a. Be owned, under the control of, or affiliated
45 with a seller.
46 b. Use any funds required to be held in trust
47 under this chapter or chapter 566A to purchase an
48 interest in any contract or agreement to which a
49 seller is a party.
50 c. Otherwise invest, directly or indirectly, in a
Page 9
1 seller's business operations.
2 Sec. . NEW SECTION. 523A.204 ESTABLISHMENT
3 ANNUAL REPORTING REQUIREMENTS.
4 1. An establishment shall file with the
5 commissioner not later than March 1 of each year an
6 annual report on a form prescribed by the commissioner
7 containing all of the following:
8 a. The seller's name and address and the name and
9 address of the establishment that will provide the
10 cemetery merchandise, funeral merchandise, funeral
11 services, or a combination thereof.
12 b. The balance of each trust account as of the end
13 of the preceding calendar year, identified by
14 purchaser or beneficiary name.
15 c. A report of any amounts withdrawn from the
16 trust account including the reason for each
17 withdrawal.
18 d. A detailed listing of the insurance funding
19 outstanding at the end of the preceding calendar year,
20 identified by the name of the purchaser or the
21 beneficiary.
22 e. A complete inventory of the cemetery
23 merchandise, funeral merchandise, or a combination
24 thereof delivered in lieu of trust fund requirements
25 under section 523A.401, including the following:
26 (1) The location of the merchandise.
27 (2) Merchandise serial numbers or warehouse
28 receipt numbers identified by the name of the
29 purchaser or the beneficiary.
30 (3) A verified statement of a certified public
31 accountant on a form prescribed by the commissioner
32 that all of the following have occurred:
33 (a) A physical inventory of the cemetery
34 merchandise or funeral merchandise has been conducted.
35 (b) Each item of that merchandise is in the
36 seller's possession at the specified location.
37 f. The purchaser and beneficiary names, the amount
38 of each purchase agreement made in the preceding year,
© 2001 Cornell College and
League of Women Voters of Iowa
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