Oklahoma 2022 Regular Session

Oklahoma House Bill HB3007 Compare Versions

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3		-	SENATE FLOOR VERSION - HB3007 SFLR Page 1
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	3	+	ENGR. H. B. NO. 3007 Page 1 1
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29		-	SENATE FLOOR VERSION
30		-	April 11, 2022
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33	28		ENGROSSED HOUSE
34	29		BILL NO. 3007 By: Sims of the House
35	30
36	31		and
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38	33		Rogers of the Senate
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43	40		An Act relating to insurance; amending 36 O.S. 2021,
44	41		Section 7122, which relates to the Cemetery
45	42		Merchandise Trust Act; modifying definitions;
46	43		modifying minimum funding requirement; and providing
47	44		an effective date.
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51	50		BE IT ENACTED BY THE PEOPLE OF THE STATE OF OKLA HOMA:
52	51		SECTION 1. AMENDATORY 36 O.S. 2021, Section 7122, is
53	52		amended to read as follows :
54	53		Section 7122. As used in the Cemetery Merchandise Trust Act:
55	54		1. "Cemetery merchandise " means markers, memorials, vases,
56	55		memorial vases, monuments , equipment, crypts, and niches or outer
57	56		enclosures. Cemetery merchandise shall not include the sale o f
58	57		lands or interests therein as grave lots or grave spaces; burial or
59	58		interment rights; and delivered or installed crypts , and niches or
60	59		outer enclosures;
61	60		2. "Purchase price" means the gross net amount to be paid for
62	61		cemetery merchandise under the provisions of a prepaid cemetery
63	62		merchandise contract. Purchase price shall not include finance
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65		-	SENATE FLOOR VERSION - HB3007 SFLR Page 2
66		-	(Bold face denotes Committee Amendments) 1
	64	+	ENGR. H. B. NO. 3007 Page 2 1
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91	89		charges, sales tax, charges for real property interests or, charges
92	90		for credit life insurance , or perpetual care fees;
93	91		3. "Prepaid cemetery merchandise contract" means any agreement
94	92		for the sale of cemetery merchandise by an organization which
95	93		requires payment of the purchase price, in whole or in part, prior
96	94		to delivery of the cemetery merchandise, which agreement is entered
97	95		into from and after November 1, 1989;
98	96		4. "Minimum funding requirement " means that portion of the
99	97		purchase price equal to one hundred ten percent (110%) one hundred
100	98		percent (100%) of the wholesale cost, plus delivery charges, of the
101	99		cemetery merchandise covered in a prepaid cemetery merchandise
102	100		contract;
103	101		5. "Organization" means any individual, firm, partnership,
104	102		trust, corporation, association or entity. Organization shall not
105	103		include state, county, municipal, township, rural communit y,
106	104		religious, fraternal or nonprofit entities, free community burial
107	105		grounds, county cemetery a ssociations, Indian tribal cemeteries on
108	106		tribal land and charitable or eleemosynary institutions operating
109	107		cemeteries in this state;
110	108		6. "Outer enclosure" means a grave liner, grave box, or grave
111	109		vault;
112	110		7. "Lawn crypt" means a subsurface permanent outer e nclosure
113	111		installed before need in multiple units for the purpose of interring
114	112		human remains;
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116		-	SENATE FLOOR VERSION - HB3007 SFLR Page 3
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	114	+	ENGR. H. B. NO. 3007 Page 3 1
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142	139		8. 7. "Financial institution " means a federally insured bank,
143	140		trust company, or savings and loan association which is authorized
144	141		to do business in this state;
145	142		9. 8. "Commissioner" or "Insurance Commissioner" means the
146	143		Insurance Commissioner of the State of Oklahoma ; and
147	144		10. 9. "Wholesale cost" means an amount determined on the basis
148	145		of such standard quotations and price lists as are publis hed by the
149	146		vendor of the cemetery merchandise, without regard to any discounts
150	147		that may be available to the organization.
151	148		SECTION 2. This act shall become effective November 1, 2022.
152		-	COMMITTEE REPORT BY: COMMITTEE ON RETIREMENT A ND INSURANCE
153		-	April 11, 2022 - DO PASS
	149	+	Passed the House of Representatives the 8th day of March, 2022.
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	154	+	Presiding Officer of the House
	155	+	of Representatives
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	158	+	Passed the Senate the ___ day of __________, 2022.
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	163	+	Presiding Officer of the Senate
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