5.The total in dollars of all sums received as consideration upon pre-need funeral
service contracts executed by the licensed funeral establishment or cemetery
association or in its behalf during all periods after July 1, 1973, which are undrawn or
unexpended and on deposit in a bank, credit union, savings and loan association, or
trust company or in the hands of the licensed funeral establishment or cemetery
association.
6.Such other information as may reasonably be required by the commissioner for the
purpose of the proper administration of this chapter.
Such report must be accompanied by a filing fee of fifteen dollars and is a public record.
43-10.1-03.1. Payments on pre-need funeral contracts to be deposited - Depository
shall keep record of deposit - Personal property storage.
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5. The total in dollars of all sums received as consideration upon pre-need funeral
service contracts executed by the licensed funeral establishment or cemetery
association or in its behalf during all periods after July 1, 1973, which are undrawn or
unexpended and on deposit in a bank, credit union, savings and loan association, or
trust company or in the hands of the licensed funeral establishment or cemetery
association.
6. Such other information as may reasonably be required by the commissioner for the
purpose of the proper administration of this chapter.
Such report must be accompanied by a filing fee of fifteen dollars and is a public record.
43-10.1-03.1. Payments on pre-need funeral contracts to be deposited - Depository
shall keep record of deposit - Personal property storage.
1. If payments are made to a person upon pre-need funeral service contracts, including
irrevocable itemized funeral contracts, one hundred percent of the funds collected
under the contracts for the sale of professional service or personal property to be used
in funeral services and fifty percent of the funds collected under the contracts for the
sale of cemetery merchandise must be deposited in or transferred to a trust company
in this state or to a federally insured bank, credit union, or savings and loan
association in this state, within ten days. The deposit must be placed in a federal
deposit insurance corporation or national credit union administration insured account
or certificate of deposit or negotiable debt obligation of the United States government.
Payments received from the sale of professional service or personal property to be
used in funeral services or cemetery merchandise which cannot or would not be
serviced by a licensed funeral establishment or cemetery association in the area in
which the service or property was sold are specifically included, regardless of whether
the sales might otherwise be considered pre-need funeral service contracts, within the
payments to be deposited under this section. If payments have been made under an
irrevocable itemized funeral contract, the money must be carried in a separate account
or separate certificate of deposit with the names of the depositor or transferor,
cemetery association or licensed funeral establishment, and the person making
payment on behalf of the individual for whose benefit payment is made.
a. The funds may be released or transferred by the bank, credit union, savings and
loan association, or trust company to the depositor upon the death of the
individual for whose benefit the funds were paid. A certified copy of the certificate
of death must be furnished to the bank, credit union, savings and loan
association, or trust company as prima facie evidence of death. The funds may
be released or transferred by the bank, credit union, savings and loan
association, or trust company to the person making the payment, before the
death of the individual for whose benefit the funds are paid, upon a five-day
written notice by registered or certified mail made by the bank, credit union,
savings and loan association, or trust company to the depositor or transferor at
the request of the person making the payment.
b. A purchaser of a pre-need funeral service contract may make a certain amount of
the pre-need funds irrevocable by designating an irrevocable amount to be used
to pay for the funeral of the beneficiary. The irrevocable itemized funeral service
contract to pay for a funeral is recognized as an allowable asset exclusion used
for determining eligibility for medical assistance under section 50-24.1-02.3 at the
time the contract is entered. A purchaser of an irrevocable itemized funeral
contract has forty-five days from entering the contract to cancel the irrevocable
part of the contract by giving notice to the cemetery association or licensed
funeral establishment with which the contract was entered. Any pre-need funeral
service contract held by a cemetery association or a licensed funeral
establishment must be fully transferable to another cemetery association or
funeral establishment licensed under chapter 43-10 or a substantially similar law
of another jurisdiction which agrees to accept the obligations.
2. A bank, credit union, savings and loan association, or trust company receiving such a
deposit or transfer shall keep a complete record of the deposit or transfer, showing the
name of the depositor or transferor, name of the person making payment, name of the
individual for whose benefit payment is made, and any other pertinent information.
3. Any personal property to be used in funeral services or cemetery merchandise which
is sold to a purchaser on the basis it will be identified and marked as belonging to such
purchaser, and stored or warehoused for the purchaser, must be stored or
warehoused at some location within this state.