(1) Every preneed establishment shall annually submit a written or electronic report to the Secretary of State of its preneed contract sales and performance of those contracts. This report shall be filed on or before March 31 of each year for the calendar year ending the preceding December 31. The Secretary of State shall impose an administrative fine in the amount of One Hundred Dollars ($100.00) per day for each day that the report is late. The administrative fine shall be in addition to any other administrative penalties provided under this article. The Secretary of State shall promulgate rules and regulations to regulate preneed contracts and the duties and responsibilities of preneed establishments; the content and filing procedure of reports; and filings of additional reports if deemed necessary by the Secretary of State to carry out the purposes of this article. The Secretary of State may assess any fines and fees necessary to carry out the provisions of this article.

(2) Every preneed trust officer or trust financial institution shall annually submit to the Secretary of State a statement of all trust fund account activity on or before March 31 of each year for the calendar year ending the preceding December 31. The statement or report shall reflect the trust balance as of December 31 for the preceding calendar year. The Secretary of State is authorized to assess a penalty against the trust institution for each day the statement is late, not to exceed Five Hundred Dollars ($500.00) in any one (1) year.