Section 7613.11 - [Effective 1/1/2025] Bureau control of endowment care funds of cemetery authority; trustee(a) Notwithstanding Sections 7613.9 and 7613.10, 90 days following the cancellation, surrender, or revocation of a certificate of authority, the bureau shall take title of any endowment care funds of the cemetery authority, take possession of all necessary books, records, property, real and personal, and assets, and act as conservator over the management of the endowment care funds in a manner consistent with Article 2 (commencing with Section 8725) of Chapter 5 of Part 3 of Division 8 of the Health and Safety Code.(b) The bureau shall appoint as sole trustee of the endowment care fund a bank or trust company authorized under Division 1 (commencing with Section 99) of the Financial Code to engage in the trust business. Notwithstanding Section 8733 of the Health and Safety Code, the sum paid to the bank or trust company appointed by the bureau may exceed 5 percent of the net income derived from the endowment care fund, special care fund, or both.(c) This section shall not apply if ownership of the cemetery is transferred in accordance with Section 8585 of the Health and Safety Code within 90 days of the cancellation, surrender, or revocation of the certificate of authority.Ca. Bus. and Prof. Code § 7613.11
Added by Stats 2024 ch 589 (AB 3254),s 5, eff. 1/1/2025.