Oklahoma Senate Bill SB544

Oklahoma 2024 Regular Session

• Introduced: 2/6/23
• Refer: 2/7/23
• Report Pass: 2/7/23
• Engrossed: 3/22/23
• Refer: 3/29/23
• Report Pass: 4/12/23
• Enrolled: 4/27/23
• Passed: 5/5/23

Caption

Perpetual Care Fund Act; modifying application requirements for permits. Effective date.

Impact

The legislative changes in SB544 predominantly affect cemetery owners by imposing stricter operational requirements and ensuring that the funds meant for ongoing care are properly documented and maintained. By implementing stricter oversight and reporting standards, the bill aims to protect consumers by ensuring that the funds are used appropriately for the maintenance of cemeteries. The modifications also empower the Insurance Commissioner to take actions against non-compliant operators, enhancing enforcement capabilities in cases of financial misconduct.

Summary

Senate Bill 544, known as the Perpetual Care Fund Act, amends existing statutes to enhance the regulatory framework governing perpetual care trust funds for cemeteries. The bill introduces several changes, including a mandatory electronic submission process for initial and renewal permit applications, an increase in fees associated with these permits, and specific timelines for submissions. Owners are now required to submit detailed annual reports regarding financial operations related to the care of cemeteries, including the amount received from sales and the total holdings of the trust fund. These measures intend to ensure a higher level of accountability and transparency in the financial management of cemetery funds.

Sentiment

The overall sentiment surrounding SB544 appears to be positive among proponents who view the bill as a necessary reform to improve oversight and accountability in the cemetery care industry. Advocates argue that these amendments are crucial for safeguarding consumer interests and ensuring that perpetual care funds serve their intended purpose. Conversely, there may be some dissent among cemetery owners who see the increased regulatory burden—especially the fees and stringent reporting requirements—as challenging.

Contention

A notable point of contention that arises from SB544 relates to the increased costs and administrative responsibilities imposed on cemetery operators. Critics of the bill, represented by some stakeholders in the cemetery management sector, could argue that these changes may disproportionately affect smaller operators who might struggle with the financial implications of compliance. Additionally, the expanded power of the Insurance Commissioner to penalize non-compliant cemetery owners may raise concerns about due process and fair enforcement within the regulatory framework.