46-1-105 - Cemetery consumer protection account.
46-1-105. Cemetery consumer protection account.
(a) There is established within the state general fund a cemetery consumer protection account. All funds received by the commissioner under this section shall be deposited into the account and held solely for the purposes of this section.
(b) Moneys within the account shall be invested by the state treasurer in accordance with the provisions of § 9-4-603 for the sole benefit of the account.
(c) No renewal cemetery registration shall be issued unless the applicant pays, in addition to the renewal fee, a consumer protection fee of twenty dollars ($20.00) for every pre-need sales contract entered into during the preceding renewal period.
(d) One half (½) of the funds received pursuant to this section shall be used to fund the cemetery registration program, and one half (½) of the funds received pursuant to this section shall be used to fund any receivership action initiated by the commissioner against a cemetery due to a deficiency in the cemetery's improvement care or pre-need merchandise and services trust fund.
[Acts 2006, ch. 1012, § 2.]