Oklahoma 2023 Regular Session

Oklahoma Senate Bill SB128 Compare Versions

Version 1 (Old)

Version 2 (New)

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3		-	SENATE FLOOR VERSION - SB128 SFLR Page 1
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29		-	SENATE FLOOR VERSION
30		-	February 13, 2023
	53	+	STATE OF OKLAHOMA
31	54
	55	+	1st Session of the 59th Legislature (2023)
32	56
33		-	SENATE BILL NO. 128 By: Rogers of the Senate
34		-
35		-	and
36		-
37		-	Sims of the House
	57	+	SENATE BILL 128 By: Rogers
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	63	+	AS INTRODUCED
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43	65		An Act relating to Cemetery Merchandise Trust Act;
44	66		amending 36 O.S. 2021, Section 7122 , which relates to
45	67		definitions; modifying definitions; and providing an
46	68		effective date.
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51	73		BE IT ENACTED BY THE PEOPLE OF THE ST ATE OF OKLAHOMA:
52	74		SECTION 1. AMENDATORY 36 O.S. 2021, Se ction 7122, is
53	75		amended to read as foll ows:
54	76		Section 7122. As used in the Cemetery Merchan dise Trust Act:
55	77		1. “Cemetery merchandise ” means markers, memorials, vases,
56	78		memorial vases, monuments, equipment, crypts, and niches or outer
57	79		enclosures. Cemetery merchandise shall not include the sale o f
58	80		lands or interests therein as grave lots or grave spaces; burial or
59	81		interment rights; and delivered or installed crypts , or niches or
60	82		outer enclosures;
61	83		2. “Purchase price” means the gross net amount to be paid for
62	84		cemetery merchandise under the provision s of a prepaid cemetery
63	85		merchandise contract. Purc hase price shall not include finance
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65		-	SENATE FLOOR VERSION - SB128 SFLR Page 2
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91	137		charges, sales tax, cha rges for real property in terests, or charges
92	138		for credit life insurance , or perpetual care fees ;
93	139		3. “Prepaid cemetery merchandise contract ” means any agreement
94	140		for the sale of cemetery merchandise by an organization which
95	141		requires payment of the purchase pr ice, in whole or in part, prior
96	142		to delivery of the cemetery merchandise, which agreement is entered
97	143		into from and after November 1, 1989;
98	144		4. “Minimum funding requirement ” means that portion of t he
99	145		purchase price equal to one hundred ten percent (110%) one hundred
100	146		percent (100%) of the wholesale cost, plus delivery charges, of the
101	147		cemetery merchandise covered i n a prepaid cemetery merchandise
102	148		contract;
103	149		5. “Organization” means any individual, firm , partnership,
104	150		trust, corporation, association or entity. Or ganization shall not
105	151		include state, county, municipal, township, rural community,
106	152		religious, fraternal or n onprofit entities, free community bur ial
107	153		grounds, county cemetery associations, Indian t ribal cemeteries on
108	154		tribal land and charitable or eleemosynar y institutions operating
109	155		cemeteries in this state;
110	156		6. “Outer enclosure” means a grave liner, grave box, or grave
111	157		vault;
112	158		7. “Lawn crypt” means a subsurface permanent outer enclosure
113	159		installed before need in multiple units for the purpose of interring
114	160		human remains;
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116		-	SENATE FLOOR VERSION - SB128 SFLR Page 3
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142	212		8. 7. “Financial institution” means a federally insured bank,
143	213		trust company, or savings and lo an association which is authorized
144	214		to do business in this state;
145	215		9. 8. “Commissioner” or “Insurance Commissioner” means the
146	216		Insurance Commissioner of the State of Oklahoma ; and
147	217		10. 9. “Wholesale cost” means an amount determined on the basis
148	218		of such standard quotations and price lists as are published by the
149	219		vendor of the cemetery merchandise , without regard to any discounts
150	220		that may be available to the organization.
151	221		SECTION 2. This act shall become effective November 1, 2023.
152		-	~~COMMITTEE REPORT BY: COMMITTEE ON BUSINESS AND COMMERCE~~
153		-	~~February 13,~~ 2023 ~~- DO PASS~~
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	223	+	59-1-187 RD 1/4/2023 11:20:35 AM