N.J. Admin. Code § 13:36-11.7

Current through Register Vol. 56, No. 18, September 16, 2024

Section 13:36-11.7 - Pooled trusts

(a) Moneys used to fund prepaid funeral agreements may be deposited into a pooled trust account in a Federally insured State or Federally chartered bank, savings bank, or savings and loan association pursuant to a written trust agreement, the beneficiaries of which shall be the purchasers, or intended funeral recipients, if different persons. Any such trust agreement shall conspicuously disclose in writing to the purchaser or intended funeral recipient, prior to the acceptance of any moneys by the trustees:

1. The right to immediately withdraw on demand any moneys placed in such trust, plus accrued interest;

2. That the purchaser or the intended funeral recipient shall receive periodic statements not less than once per year reflecting the amount of principal and accrued interest, if any, in the trust;

3. The amount or rate of any commissions to be lawfully taken; and

4. The identities and business addresses of each of the trustees of the pooled trust, except in the case of trustees selected by a bona-fide nonprofit organization, in which instance the notice of the availability of the trust document shall suffice.

(b) The provider shall notify the purchaser or intended funeral recipient of any change in the amount or rate of commission within 30 days.

N.J. Admin. Code § 13:36-11.7

Amended by 51 N.J.R. 880(b), effective 6/3/2019