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Occupations and Professions | |
Funeral Services Licensing Act | |
Section 704 | Interest earned on trust funds. |
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58-9-704. Interest earned on trust funds. Interest earned on trust funds shall be available for expenditure according to the following priority: (1) to pay the reasonable trustee expenses of administering the trust within a maximum amount established by rule; (2) to pay within a maximum amount established by rule under Section 58-9-504 the reasonable provider expenses associated with: (a) the sale of the plan; (b) administering the collection, remittance, and accounting of the amount of payments made into the corpus of the trust; and (c) reporting required with respect to those contracts: (i) that have been sold; and (ii) under which the provider is obligated; (3) to pay the costs of providing any of the following for which the provider is obligated under a specific outstanding preneed funeral arrangement contract: (a) personal property; and (b) services at need; and (4) to pay the provider available funds left in the individual trust account after: (a) all costs of providing personal property and services for which the provider is obligated under the contract underlying the trust; or (b) (i) the contract is canceled as provided under this chapter; and (ii) all amounts payable to the buyer, beneficiary, or any other person have been paid in full.
Enacted by Chapter 49, 2003 General Session |
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