Report Title:

Cemetery and Funeral Trusts

Description:

Requires pre-need trusts and perpetual care funds to distribute summaries of their audited financial statements to their purchasers.

HOUSE OF REPRESENTATIVES	H.B. NO.	774
TWENTY-FOURTH LEGISLATURE, 2007
STATE OF HAWAII

A BILL FOR AN ACT

RELATING TO CEMETERY AUTHORITIES.

BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF HAWAII:

     SECTION 1.  Section 441-24.5, Hawaii Revised Statutes, is amended to read as follows:

     "§441-24.5  Pre-need trusts and perpetual care funds; audited financial statements.  Every cemetery authority operating a perpetual care cemetery or [which] that engages in pre-need sales or holds money in trust for pre-need interment services, and every pre-need funeral authority [which] that engages in pre-need sales or holds money in trust for pre-need funeral services shall submit an audited financial statement of its pre-need trusts and perpetual care funds to the director within ninety days after the close of the authority's books on a fiscal or calendar year basis.  The cemetery authority shall also distribute summaries of the audited financial statement to its purchasers."

     SECTION 2.  Statutory material to be repealed is bracketed and stricken.  New statutory material is underscored.

     SECTION 3.  This Act shall take effect upon its approval.

INTRODUCED BY:

_____________________________