House Journal: Page 1345: Monday, April 23, 2001
24 purchase agreement must have a face amount that is at
25 least as great as the unfunded principal balance. The
26 face amount of the surety bond purchased shall not,
27 under the circumstances, be less than the total of all
28 payments made by the purchaser pursuant to the
29 agreement plus all net earnings accumulated with
30 respect thereto, as of the transfer date.
31 c. The establishment shall maintain a copy of any
32 prepaid trust-funded agreement that was converted to a
33 prepaid purchase agreement funded by a surety bond and
34 retain the payment history records for each converted
35 purchase agreement prior to conversion until the
36 cemetery merchandise, funeral merchandise, and funeral
37 services have been delivered.
38 SUBCHAPTER 5
39 PERMIT REQUIREMENTS FOR SELLERS OF CEMETERY
40 MERCHANDISE, FUNERAL MERCHANDISE, FUNERAL SERVICES,
41 OR A COMBINATION THEREOF
42 Sec. . NEW SECTION. 523A.501 ESTABLISHMENT
43 PERMITS.
44 1. A person shall not advertise, sell, promote, or
45 offer to furnish cemetery merchandise, funeral
46 merchandise, funeral services, or a combination
47 thereof when performance or delivery may be more than
48 one hundred twenty days following the initial payment
49 on the account without an establishment permit. Each
50 establishment must have an establishment permit.
Page 25
1 2. An application for an establishment permit
2 shall be filed on a form prescribed by the
3 commissioner, be accompanied by a fifty dollar filing
4 fee, and include a copy of each purchase agreement the
5 person will use for sales of cemetery merchandise,
6 funeral merchandise, funeral services, or a
7 combination thereof.
8 3. The application shall contain:
9 a. The name and address of the establishment.
10 b. The name and address of any additional provider
11 of cemetery merchandise, funeral merchandise, funeral
12 services, or a combination thereof.
13 c. The name and address of each owner, officer, or
14 other official of the establishment, including when
15 relevant the chief executive officer and the members
16 of the board of directors.
17 d. A description of any common business enterprise
18 or parent company.
19 e. The types of cemetery merchandise, funeral
20 merchandise, funeral services, or a combination
21 thereof to be sold.
22 f. The types of trust or trust alternatives
© 2001 Cornell College and
League of Women Voters of Iowa
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