No person, firm, partnership, association,
limited liability company, or corporation may accept or hold trust funds
paid under section 1(a) of this chapter without first securing from the
state board of funeral service a permit to accept and hold the funds.
Applications for the permit must be in writing, signed by the applicant,
and duly verified on forms furnished by the board. Each application
must contain at least the following:
(1)The full name and address (both residence and place of
business) of the applicant, and every member, officer, and
director of the applicant if the applicant is a firm, partnership,
association, limited liability company, or corporation. Any permit
issued in response to the application is valid for two (2) years,
only at the address stated in the application
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No person, firm, partnership, association,
limited liability company, or corporation may accept or hold trust funds
paid under section 1(a) of this chapter without first securing from the
state board of funeral service a permit to accept and hold the funds.
Applications for the permit must be in writing, signed by the applicant,
and duly verified on forms furnished by the board. Each application
must contain at least the following:
(1) The full name and address (both residence and place of
business) of the applicant, and every member, officer, and
director of the applicant if the applicant is a firm, partnership,
association, limited liability company, or corporation. Any permit
issued in response to the application is valid for two (2) years,
only at the address stated in the application for the applicant or at
the address as may be approved by the board.
(2) A detailed statement of the applicant's assets and liabilities.
(3) A fidelity bond executed by the applicant and a surety
company authorized to do business in this state in the amount not
exceeding ten thousand dollars ($10,000) as the board may
require.
Upon receipt of such application and bond, the board shall issue a
permit unless it determines that the applicant has made false statements
or representations in the application, is insolvent, has conducted or is
about to conduct his business in a fraudulent manner, or is not duly
authorized to transact business in this state. The board may require an
additional bond from time to time in amounts equal to one tenth (1/10)
of the trust funds held by the permittee. The bond must run to the state
of Indiana for the use and benefit of the beneficiaries of the trust funds.
The permittee shall keep accurate accounts, books, and records in this
state of all transactions, copies of all agreements, dates, and amounts
of payments made and accepted on all agreements, the names and
addresses of the contracting parties, the persons for whose benefit the
funds are accepted, and the names of the depositories of the funds. The
permittee shall make reports to the board annually or at any other times
that the board may require, on forms furnished by the board. Every
application must be accompanied by a fee of ten dollars ($10) and
every report must be accompanied by a fee of two dollars ($2). The
permittee shall make all the books and records pertaining to the trust
funds available to the board for examination. The board, or a qualified
person designated by it may at any time investigate the books, records,
and accounts of the permittee with respect to its trust funds and for that
purpose may require the attendance of and examine under oath all
persons whose testimony he may require.
Formerly: Acts 1963, c.303, s.3. As amended by Acts 1978,
P.L.133, SEC.4; P.L.246-1985, SEC.21; P.L.8-1993, SEC.466.