32-1391.04. Prearranged funeral trust accounts; books and records; inspection and examination
(L19, Ch. 252, sec. 38. Eff. 7/1/20)
A. All funeral establishments and financial institutions shall, on request of the department of insurance and financial institutions, make their prearranged funeral trust account books and records available for inspection and examination by the department.
B. All financial institutions with trust funds deposited pursuant to this article shall at least quarterly send a copy to the department of each cancellation request or death certificate it has received that resulted in a withdrawal of funds from the trust account.
C. A financial institution shall have no legal duty to inquire about the disbursement of any trust funds deposited pursuant to this article if the financial institution has received the properly executed notifications or certifications required by this article.
D. A financial institution or funeral establishment operating according to the trust provisions established in this article shall not be considered in the trust business under title 6, chapter 8.
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