§ 10-15-116 — Surrender of license

(1) A contract seller may surrender a
license by:

(a) Filing written notice with the commissioner;

(b) Submitting a list of all outstanding preneed contracts, including the
name of the contract buyer, the method of funding for the preneed contract, the
preneed contract price, the amount of funds received, and the amount of funds held
in trust;

(c) Paying all outstanding fines and invoices due to the state of Colorado;
and

(d) Submitting the current certificate of authority.

(2) Upon receipt of the notice, the commissioner shall review the preneed
contract seller's trust funds and evidence of all outstanding preneed contracts.

(3) Upon determining that the available assets are sufficient to meet any
remaining preneed contract liabilities, the commissioner shall deactivate the
license.

(4) The contract seller shall continue to keep the trust fund intact and in
trust after the license is inactive, and the trustee shall disburse the funds in trust in
accordance with preneed contracts until the funds are exhausted.

(5) The commissioner has jurisdiction over the inactive contract seller and to
require the reports required by section 10-15-104 and inspect the records required
by this article so long as there are funds in trust or preneed contracts that are not
fulfilled. When the funds in trust are exhausted or each preneed contract is
fulfilled, the commissioner shall finally cancel the license of the contract seller.

(6) Upon a finding that an emergency exists that will harm consumers, the
commissioner may by order administer preneed contracts and accounts if the
business of the contract seller closes due to financial insolvency, criminal activity,
or license suspension.

Legislative History

Source: L. 95: Entire article R&RE, p. 1044, � 1, effective May 25. L. 2013: Entire section amended, (SB 13-125), ch. 287, p. 1520, � 7, effective August 7.