Cemetery Consumer Tips
The Associated Cemeteries of Missouri (ACM), Office of Endowed Care Cemeteries, Silver-Haired Legislature, interested corporations and others involved in the industry have worked over the past three years on new statutory language governing cemeteries. On July 7, 2010, Governor Nixon signed HB2226, which contained this language, into law and it went into effect on August 28, 2010. Here are some highlights of the new law:
Section 214.330.2(1) states that income and principal of the endowed care funds are to be determined under existing trust laws in chapter 469 RSMo. This will impact those with trust agreements allowing capital gains to be regarded as income as it will no longer be permissible.
Section 214.330.5 states that if the funds are not in a trust, then they are limited to deposits in FDIC insured accounts or comparable deposit insurance.
Section 214.320.1 changes the requirements for deposits from sales of grave or interment spaces to be made monthly rather than semiannually.
Sections 214.320.1(2), (3) and (4) change the amount to be deposited for the sale of crypts or niches.
Sections 333.310 and 436.410 require any person, company or cemetery selling preneed services or merchandise to now be licensed under chapter 333, 436 or 214 RSMo. (This is due to SB1 going into law last year)
Section 214.387.2 requires payments for preneed to be deposited within 60 days of receipt.
The full bill text may be accessed at; http://www.house.mo.gov/billtracking/bills101/biltxt/truly/HB2226T.HTM