Mich. Admin. Code R. 456.1502
Current through Vol. 24-21, December 1, 2024
Rule 502. The registrant shall ensure that preneed contracts for cemetery merchandise or services executed before January 1, 2005, regardless of when payments are received, are placed in trust as required under the law and rules in effect before January 1, 2005. The amounts placed in trust shall remain in trust, until the cemetery merchandise or services are installed, delivered, performed, or the contract is terminated. The amounts placed in trust for preneed contracts executed before January 1, 2005, shall not be removed from the trust and placed with a prepaid funeral and cemetery sales escrow agent, which is required for sales contracts executed on or after January 1, 2005.
Mich. Admin. Code R. 456.1502