Bill Summary for S 403 (2013-2014)

Summary date: 

May 9 2013
S.L. 2014-111

Bill Information:

View NCGA Bill Details2013-2014 Session
Senate Bill 403 (Public) Filed Monday, March 25, 2013
Intro. by Bingham.

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Bill summary

Senate committee substitute makes the following changes to the 1st edition.

Changes the long title.

Deletes Section 1 of the act, proposed changes to GS 36C-9-901(d)(1).

Amends GS 65-60.1(e), providing that trustees must invest and reinvest cemetery trust funds in accordance with GS Chapter 36C, Article 9 (was, GS 32-71).

Amends GS 90-210.61(a)(1) to provide that if a pre-need funeral contract purchaser chooses to fund the pre-need funeral contract by a trust deposit or deposits, then the pre-need licensee must deposit all funds with a financial institution, in trust, in the pre-need licensee's name as trustee and invest and reinvest funds in accordance with GS Chapter 36C, Article 9. Also provides that the pre-need licensee can establish an individual trust fund for each pre-need funeral contract, as well as being specifically authorized to establish commingled trust accounts for investment and reinvestment of pre-need funeral funds of multiple pre-need funeral contracts. Makes additional conforming changes to GS 90-210.6(a)(1) regarding pre-need funeral funds as related to trust funds.


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