By: Guillen (Senate Sponsor - Zaffirini) H.B. No. 2950
(In the Senate - Received from the House April 29, 2019;
April 30, 2019, read first time and referred to Committee on
Business & Commerce; May 15, 2019, reported favorably by the
following vote: Yeas 7, Nays 0; May 15, 2019, sent to printer.)
Click here to see the committee vote
A BILL TO BE ENTITLED
AN ACT
relating to perpetual care trust funds and a master trust account.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
SECTION 1. Section 712.021(g), Health and Safety Code, as
amended by Chapters 71 (S.B. 1402) and 1051 (H.B. 1948), Acts of the
85th Legislature, Regular Session, 2017, is reenacted to read as
follows:
(g) In this subsection, "master trust account" means an
account containing the perpetual care trust funds of two or more
certificate holders for the purpose of collective investment and
administration. The trustors of two or more perpetual care trust
funds may establish a master trust account in which deposits
required by this chapter are made, provided that separate records
of principal and income are maintained for each perpetual care
cemetery for the benefit of which the master trust account is
established, and further provided that the income attributable to
each perpetual care cemetery is used only for the perpetual care of
that cemetery.
SECTION 2. This Act takes effect September 1, 2019.
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