Rule 590-3-4-.07 - Preneed Trust Fund(1) Establishment of Trust Fund. Each preneed dealer that sells burial or funeral merchandise on a preneed basis or preneed burial or funeral services, other than preneed funeral services described in Section 10-14-7.1 of the Act, and has not established either an escrow account pursuant to Section 10-14-7 of the Act or a trust account for preneed funeral services pursuant to Section 10-14-7.1 of the Act shall establish a trust fund into which deposits shall be made pursuant to Section 10-14-7 of the Act. (2) Preneed Trust Agreement. (a) Each preneed dealer shall be under a continuing duty to file with the Secretary of State any and all changes, amendments, or revisions to the preneed trust agreement filed pursuant to Section 10-14-4(b)(2)(L) of the Act.(b) Each preneed trust agreement filed with the Secretary of State must include a certification clause verifying that the agreement is in accordance with the Act and the Rules and Regulations.(3) Depositories.(a) No less than ten (10) days prior to transferring a preneed trust fund from one depository to another, the preneed dealer required to establish and maintain the preneed trust fund pursuant to Section 10-14-7 of the Act shall file a notice with the Office of the Secretary of State containing the following: 1. The name, location, mailing address, and telephone number of the registrant's principal business location in Georgia, together with any trade names associated with each location;2. The name, address, location, and telephone number of the new depository and the names of the accounts and account numbers being transferred to the new depository;3. A dated and notarized signature of the individual duly authorized to sign the notice filing, including the signatory's printed name and title. If the cemetery is incorporated, the president or authorized individual shall sign.(b) Within thirty days after transferring a preneed trust fund from one depository to another, the former depository shall submit to the Office of the Secretary of State certification showing the actual account balances for the preneed trust account as of the date of closing of the preneed trust account.(c) Within thirty days after transferring a preneed trust fund from one depository to another, the new depository shall submit to the Office of the Secretary of State verification showing the actual account balances for the preneed trust account as of the date of opening of the new preneed trust account.(4) Trustee of Preneed Trust Fund. (a) No less than ten (10) days prior to any change or substitution of the trustee of a preneed trust fund, a preneed dealer shall file a notice with the Secretary of State that contains the following: 1. The name and registration number of the preneed dealer or, if an exempt preneed dealer, related registration number;2. The registrant's mailing address, including city, state and zip code, and telephone number;3. The name, telephone number and address, including city, state and zip code, of the new trustee of the preneed trust fund;4. A copy of the preneed trust fund agreement executed by the registrant and accepted by the new trustee;5. The name, address, location, and telephone number of the preneed trust fund depository or depositories, the names of the accounts, and the account numbers;6. A dated and notarized signature of the individual duly authorized to sign the notice filing, including the signatory's printed name and title. If the cemetery is incorporated, the president or authorized individual shall sign; and7. If the person signing did not prepare the notice filing, the printed name, signature, and title of the person who prepared the notice filing is required.(b) Within thirty days after any change or substitution of the trustee of a preneed trust fund, the former trustee shall submit the yearly financial report set forth in Section 10-14-7(h) of the Act calculated based on the year-to-date with respect to the preneed trust fund and certification of the amount of funds transferred to the new trustee.(c) Within thirty days after any change or substitution of the trustee of a preneed trust fund, the new trustee shall submit to the Secretary of State verification that the funds have been received.Ga. Comp. R. & Regs. R. 590-3-4-.07
O.C.G.A. §§ 10-14-3.1 and 10-14-14.
Original Rule entitled "Preneed Trust Fund" adopted. F. May 21, 2013; eff. June 10, 2013.