1. The commissioner shall notify the attorney general of the potential need for establishment of a receivership if the commissioner finds that a seller subject to this chapter meets one or more of the following conditions:
a. Is insolvent.
b. Has utilized trust funds for personal or business purposes in a manner inconsistent with this chapter.
c. The amount of funds currently held in trust for cemetery merchandise, funeral merchandise, and funeral services is less than eighty percent of all payments made under the purchase agreements referred to in section 523A.201.
d. Has refused to pay any just claim or demand based on a purchase agreement referred to in section 523A.201.
e. The commissioner finds upon investigation that a seller is unable to pay any claim or demand based on a purchase agreement which has been legally determined to be just and outstanding.
2. The commissioner or attorney general may apply to the district court in any county of the state for the establishment of a receivership. Upon proof of any of the grounds for a receivership described in this section, the court may grant a receivership.
2001 Acts, ch 118, §51
Referred to in § 523A.12
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