Text: HF00615                           Text: HF00617
Text: HF00600 - HF00699                 Text: HF Index
Bills and Amendments: General Index     Bill History: General Index

House File 616

Partial Bill History

Bill Introduced: H.J. 636
Committee Report Issued: S.J. 766
Passed House: H.J. 844
Passed Senate: S.J. 940
Signed by Governor: H.J. 1347
Complete Bill History

Bill Text

PAG LIN
  1  1                                           HOUSE FILE 616
  1  2 
  1  3                             AN ACT
  1  4 PROHIBITING A CANCELLATION PENALTY UPON CANCELLATION OF A
  1  5    PURCHASE AGREEMENT FOR CEMETERY MERCHANDISE, FUNERAL
  1  6    MERCHANDISE, AND FUNERAL SERVICES.  
  1  7 
  1  8 BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF IOWA:
  1  9 
  1 10    Section 1.  Section 523A.602, subsection 2, paragraph b,
  1 11 Code 2003, is amended to read as follows:
  1 12    b.  (1)  If a purchase agreement is canceled, a purchaser
  1 13 requests a transfer of the trust assets upon cancellation of a
  1 14 purchase agreement, or another establishment provides
  1 15 merchandise or services designated in a purchase agreement,
  1 16 the seller shall refund or transfer within thirty days of
  1 17 receiving a written demand no less than the purchase price of
  1 18 the applicable cemetery merchandise, funeral merchandise, and
  1 19 funeral services adjusted for inflation, using the consumer
  1 20 price index amounts announced by the commissioner annually,
  1 21 less any cancellation penalty actual expenses incurred by the
  1 22 seller pursuant to the purchase agreement as set forth in the
  1 23 purchase agreement under section 523A.601, subsection 1,
  1 24 paragraph "f".  The amount of the cancellation penalty actual
  1 25 expenses deducted by the seller shall not exceed ten percent
  1 26 of the purchase price of the applicable cemetery merchandise,
  1 27 funeral merchandise, and funeral services.  The seller may
  1 28 also deduct the value of the cemetery merchandise, funeral
  1 29 merchandise, and funeral services already received by,
  1 30 delivered to, or warehoused for the purchaser.
  1 31    (2)  For the purposes of this paragraph "b", "actual
  1 32 expenses" means all reasonable business expenses of an
  1 33 establishment that are associated with the sale of cemetery
  1 34 merchandise, funeral merchandise, funeral services, or a
  1 35 combination thereof.  "Actual expenses" includes but is not
  2  1 limited to the following:
  2  2    (a)  Marketing and promotional expenses.
  2  3    (b)  Investment management fees.
  2  4    (c)  Annual reporting fees related to accounting and
  2  5 regulatory requirements.
  2  6    (d)  Licensing fees of the establishment.
  2  7    (e)  Administration, regulatory reporting, and custody
  2  8 expenses related to purchase agreements.
  2  9    (f)  Computer and software expenses.
  2 10    (g)  Expenses related to employees of the establishment
  2 11 such as licensing fees, continuing education, and salaries and
  2 12 commissions.
  2 13    (h)  Miscellaneous office expenses.  
  2 14 
  2 15 
  2 16                                                             
  2 17                               CHRISTOPHER C. RANTS
  2 18                               Speaker of the House
  2 19 
  2 20 
  2 21                                                             
  2 22                               MARY E. KRAMER
  2 23                               President of the Senate
  2 24 
  2 25    I hereby certify that this bill originated in the House and
  2 26 is known as House File 616, Eightieth General Assembly.
  2 27 
  2 28 
  2 29                                                             
  2 30                               MARGARET THOMSON
  2 31                               Chief Clerk of the House
  2 32 Approved                , 2003
  2 33 
  2 34 
  2 35                            
  3  1 THOMAS J. VILSACK
  3  2 Governor

Text: HF00615                           Text: HF00617
Text: HF00600 - HF00699                 Text: HF Index
Bills and Amendments: General Index     Bill History: General Index

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