Rule 590-3-3-.05 - Perpetual Care Trust Fund(1) Deposits to the perpetual care trust fund shall be whichever is the greatest of: (a) the amount required by the Act;(b) the amount required by the controlling trust agreement; or(c) the amount represented to the purchaser as being the amount to be deposited.(2) For the purposes of determining appropriate uses of interest and earnings from the perpetual care trust fund, in addition to other elements of care and maintenance specifically enumerated in the Act and these Rules, a cemetery may use such funds for restoration and maintenance of monuments that are in disrepair.(3) Each cemetery owner that has sold more than 50 percent of available lots may withdraw 95 percent of the income from the perpetual care trust fund after certifying compliance with the requirements of this section by submitting written notice to the Secretary. The cemetery owner shall have a continuing duty to notify the Secretary of any additional land developed for burial purposes. If such further development results in less than 50 percent of available lots unsold, the income earned must be retained by the perpetual care trust fund until such time as more than 50 percent of the available lots are sold.(4) Each cemetery owner shall establish a perpetual care trust fund separate and distinct from any previously existing perpetual care trust fund for the purpose of making required deposits for sales occurring after July 1, 2000. If allowed by the terms of any perpetual care trust fund existing as of such date, any cemetery owner may, upon notice to the Secretary of State, deposit into such new account the entire balance of any previously established account, which deposit shall be irrevocable and which funds shall then become subject to the provisions of the trust agreement for such new account and the provisions of the Act relative to such new account. If allowed by the terms of any perpetual care trust fund agreement existing as of such date, the cemetery may make additional deposits to such a trust fund on the condition that the entire corpus of the trust fund, any income earned by the trust fund, and any subsequent deposits to the trust fund are thereafter governed by the provisions of the Act.(5) Pursuant to Section 10-14-6 of the Act, beginning July 1, 2003, and every three years thereafter, the Secretary of State shall adjust the $50.00 minimum deposit required to be made to the perpetual care trust fund based on the rate of change in the Consumer Price Index as reported by the Bureau of Labor Statistics of the United States Department of Labor. Using the Consumer Price Index, All Urban Customers, U.S. City Average, All Items, released in June of 2003 and every third year thereafter, the Secretary of State shall calculate the adjusted minimum deposit and inform all cemeteries registered under the Act by mailing a Notice of Deposit Adjustment.Ga. Comp. R. & Regs. R. 590-3-3-.05
O.C.G.A. Secs. 10-14-6, 10-14-14, 44-3-134, 44-3-139.
Original Rule entitled "Perpetual Care Trust Fund" adopted as ER. 590-3-3-0.10-.05. F. July 7, 1983; eff. July 1, 1983, the date of adoption.Amended: Permanent Rule of same title adopted. F. Sept. 9, 1983; Oct. 5, 1983, as specified by the Agency.Repealed: New Rule of same title adopted. F. July 26, 2000; eff. August 15, 2000.Amended: F. Dec. 11, 2003; eff. Dec. 31, 2003.Repealed: New Rule of same title adopted. F. May 19, 2005; eff. June 8, 2005.Amended: F. Oct. 7, 2015; eff. Oct. 27, 2015.