(a) (1) Each sole proprietor registered cemeterian, permit holder, or any other person subject to the trust requirements of this subtitle shall keep detailed records of all sales of burial lots or burial rights in a cemetery and money received.
(2) The records of each sole proprietor registered cemeterian, permit holder, or any other person subject to the trust requirements of this subtitle and of each trustee appointed by the sole proprietor registered cemeterian, permit holder, or any other person subject to the trust requirements of this subtitle are subject to examination by:
(i) the Director;
(ii) the Attorney General or an authorized representative of the Attorney General; and
(iii) the State’s Attorney for the county where the cemetery owner does business or where the cemetery is located.
(b) (1) Each sole proprietor registered cemeterian, permit holder, or any other person subject to the trust requirements of this subtitle shall submit a report to the Director within 150 days after the close of each calendar or other fiscal year chosen by the sole proprietor registered cemeterian, permit holder, or any other person subject to the trust requirements of this subtitle.
(2) The report shall:
(i) be on the form that the Director requires;
(ii) be certified as to correctness by a certified public accountant retained by the cemetery;
(iii) be accompanied by a trustee’s annual summary statement of assets for the reporting period that includes:
1. the amount of money in the perpetual care trust fund at the beginning of the reporting period;
2. an investment portfolio summary describing the asset and the market value for each investment class;
3. a transaction summary of the perpetual care trust fund containing:
A. trust account earnings, including interest, dividends, and realized gains or losses;
B. money deposited;
C. total receipts;
D. administrative expenses;
E. disbursements of income for cemetery care, maintenance, administration, and embellishment;
F. other disbursements; and
G. total disbursements; and
4. the amount of money in the perpetual care trust fund at the end of the reporting period;
(iv) be accompanied by a fee of $25; and
(v) include:
1. the name of the sole proprietor registered cemeterian, permit holder, or any other person subject to the trust requirements of this subtitle;
2. each location of the sole proprietor registered cemeterian, permit holder, or any other person subject to the trust requirements of this subtitle;
3. the amount of money in each perpetual care trust fund at the beginning of the calendar or other fiscal year chosen by the sole proprietor registered cemeterian, permit holder, or any other person subject to the trust requirements of this subtitle;
4. the amount of money that the sole proprietor registered cemeterian, permit holder, or any other person subject to the trust requirements of this subtitle received during that year that is subject to the trust requirements of this subtitle;
5. the amount of money actually deposited into each perpetual care trust fund in that year;
6. the amount of money spent during that year to provide care, maintenance, administration, and embellishment of each cemetery, except for money used for the care of monuments and memorials; and
7. the name and address of each trustee.
(3) If the Director determines, after a review of the report and annual summary statement of assets required by this subsection, that additional documentation is required, a sole proprietor registered cemeterian, permit holder, or any other person subject to the trust requirements of this subtitle shall provide the additional documentation to the Director.
(4) A sole proprietor registered cemeterian, permit holder, or any other person subject to the trust requirements of this subtitle who stops selling burial lots or burial rights in a cemetery as to which perpetual care is stated or implied shall notify the Director in the required report for the year in which sales stop.
(5) The Director may require a sole proprietor registered cemeterian, permit holder, or any other person subject to the trust requirements of this subtitle to correct any underfunding, including interest, due to the perpetual care trust fund.
(c) The Director may adopt regulations:
(1) to administer subsection (b) of this section; and
(2) for determining whether registered cemeterians, permit holders, or any other person subject to the trust requirements of this subtitle are complying with this subtitle.