Tenn. Comp. R. & Regs. 0780-05-10-.05

Current through June 10, 2024

Section 0780-05-10-.05 - RECORDS

(1) All contract sellers and trustees shall maintain, within the State of Tennessee, accurate accounts, books and records in this state concerning transactions regulated under these rules.

(2)

(a) A contract seller's accounts, books, and records shall include:

1. copies of all pre-need contracts, with each contract and its related documentation maintained in a separate file;

2. the dates and amounts of payments made and accepted thereon;

3. the name and address of each contract buyer;

4. the name of the contract beneficiary of each pre-need contract; and

5. the name of the trustee holding the trust funds received under each contract.

(b) A trustee's accounts, books and records shall include:

1. the name of the contract seller;

2. the amount and date of receipt of all funds received from the contract seller; and

3. a record of all disbursements.

(3) A contract seller shall retain all required accounts, books, and records pertaining to each pre-need contract for at least two (2) years after the date of performance or termination. Such accounts, books and records shall be available for inspection by contract buyers during normal business hours at the contract seller's place of business.

Tenn. Comp. R. & Regs. 0780-05-10-.05

Original rule filed October 22, 2002; effective January 5, 2003.

Authority: T.C.A. § 62-5-405(a) and (b).