Oklahoma 2023 Regular Session

Oklahoma House Bill HB2629 Compare Versions

Only one version of the bill is available at this time.

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28	28	STATE OF OKLAHOMA
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30	30	1st Session of the 59th Legislature (2023)
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32	32	HOUSE BILL 2629 By: Sims
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38	38	AS INTRODUCED
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40	40	An Act relating to insurance; amending 36 O.S. 2021,
41	41	Section 7122, which relates to the Cemetery
42	42	Merchandise Trust Act; modifying definitions;
43	43	modifying minimum funding requirement; and providing
44	44	an effective date.
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48	48	BE IT ENACTED BY THE PEOPLE OF THE STATE OF OKLA HOMA:
49	49	SECTION 1. AMENDATORY 36 O.S. 2021, Section 7122, is
50	50	amended to read as follows:
51	51	Section 7122. As used in the Cemetery Merchandise Trust Act:
52	52	1. "Cemetery merchandise " means markers, memorials, vases,
53	53	memorial vases, monuments , equipment, crypts, and niches or outer
54	54	enclosures. Cemetery merchandise shall not include the sale of
55	55	lands or interests therein as grave lots or grave spaces; burial or
56	56	interment rights; and delivere d or installed crypts, and niches or
57	57	outer enclosures;
58	58	2. "Purchase price" means the gross net amount to be paid for
59	59	cemetery merchandise under the provisions of a prepaid cemetery
60	60	merchandise contract. Purchase price shall not include finance
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87	87	charges, sales tax, charges for real property interests or, charges
88	88	for credit life insurance , or perpetual care fees;
89	89	3. "Prepaid cemetery merchandise contract" means any agreement
90	90	for the sale of cemetery merchandise by an organization which
91	91	requires payment of t he purchase price, in whole or in part, prior
92	92	to delivery of the cemetery merchandise, which agreement is entered
93	93	into from and after November 1, 1989;
94	94	4. "Minimum funding requirement" means that portion of the
95	95	purchase price equal to one hundred ten perc ent (110%) one hundred
96	96	percent (100%) of the wholesale cost, plus delivery charges, of the
97	97	cemetery merchandise covered in a prepaid cemetery merchandise
98	98	contract;
99	99	5. "Organization" means any individual, firm, partnership,
100	100	trust, corporation, association or entity. Organization shall not
101	101	include state, county, municipal, township, rural communit y,
102	102	religious, fraternal or nonprofit entities, free community burial
103	103	grounds, county cemetery associations, Indian tribal cemeteries on
104	104	tribal land and charitable or eleemosynary institutions operating
105	105	cemeteries in this state;
106	106	6. "Outer enclosure" means a grave liner, grave box, or grave
107	107	vault;
108	108	7. "Lawn crypt" means a subsurface permanent outer enclosure
109	109	installed before need in multiple units for the purpose of interring
110	110	human remains;
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137	137	8. 7. "Financial institution " means a federally insured bank,
138	138	trust company, or savings and loan association which is authorized
139	139	to do business in this state;
140	140	9. 8. "Commissioner" or "Insurance Commissioner" means the
141	141	Insurance Commissioner of the State of Oklahoma ; and
142	142	10. 9. "Wholesale cost" means an amount determined on the basis
143	143	of such standard quotations and price lists as are published by the
144	144	vendor of the cemetery merchandise, without regard to any discounts
145	145	that may be available to the organization.
146	146	SECTION 2. This act shall become effective November 1, 2023.
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148	148	59-1-5424 MJ 12/01/22