Oklahoma § 36-7123 Permit required - Contracts in violation of act.

Oklahoma Statutes

§ 36-7123 — Permit required - Contracts in violation of act.

Oklahoma·Title 36 Insurance

A.Any organization which shall accept money or anything of value for cemetery merchandise pursuant to a prepaid cemetery merchandise contract shall first obtain a permit from the Insurance Commissioner authorizing the transaction of this type of business before entering into the contract. It shall be unlawful to sell any prepaid cemetery merchandise unless the organization holds a valid, current permit at the time the contract is made. The organization shall not be entitled to enforce a contract made in violation of the Cemetery Merchandise Trust Act, but the purchaser, or the heirs or legal representative of the purchaser, shall be entitled to recover triple the amounts paid to the organization with interest thereon at the rate of six percent (6%) per annum under any contract made in vio

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A. Any organization which shall accept money or anything of value for cemetery merchandise pursuant to a prepaid cemetery merchandise contract shall first obtain a permit from the Insurance Commissioner authorizing the transaction of this type of business before entering into the contract. It shall be unlawful to sell any prepaid cemetery merchandise unless the organization holds a valid, current permit at the time the contract is made. The organization shall not be entitled to enforce a contract made in violation of the Cemetery Merchandise Trust Act, but the purchaser, or the heirs or legal representative of the purchaser, shall be entitled to recover triple the amounts paid to the organization with interest thereon at the rate of six percent (6%) per annum under any contract made in violation of this act. B. An organization with any prepaid cemetery merchandise contracts subject to the provisions of the Cemetery Merchandise Trust Act shall apply for, and obtain, approval of the Commissioner before transferring or conveying in any manner the cemetery, its obligations or both the cemetery and its obligations under the prepaid cemetery merchandise contracts. The application shall be accompanied by a fee equal to that required under Section 7125 of this title and shall include such information as the Commissioner may prescribe. The Commissioner shall not approve any such transfer or conveyance until the applicant has provided sufficient evidence that a cemetery merchandise trust fund equal to the minimum funding requirement is maintained pursuant to Section 7126 of this title or the applicant has obtained a surety bond pursuant to the provisions of Section 7127 of this title.

Oklahoma § 36-7123 (Permit required - Contracts in violation of act.) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.

Legislative History

Added by Laws 1989, c. 297, § 19, eff. Nov. 1, 1989. Amended by Laws 1995, c. 82, § 5, eff. Nov. 1, 1995; Laws 2009, c. 3, § 6, eff. July 1, 2009; Laws 2010, c. 58, § 13, eff. July 1, 2010. Renumbered from § 303 of Title 8 by Laws 2010, c. 58, § 40, eff. July 1, 2010. Amended by Laws 2013, c. 269, § 19, eff. Nov. 1, 2013.