Arizona Laws 32-1391.16. Prearranged funeral sales and trust account activities; funeral establishments; annual report
A. On or before May 1, each funeral establishment holding a prearranged funeral sales endorsement shall file an annual report with the department concerning its prearranged funeral sales and trust account activities during the preceding calendar year.
Terms Used In Arizona Laws 32-1391.16
- Contract: A legal written agreement that becomes binding when signed.
- Department: means the department of health services. See Arizona Laws 32-1301
- Funeral establishment: means a business at a specific location that is licensed pursuant to this chapter and that is devoted to the care, storage or preparation for final disposition or transportation of dead human bodies. See Arizona Laws 32-1301
- Trust account: A general term that covers all types of accounts in a trust department, such as estates, guardianships, and agencies. Source: OCC
- Trust funds: means all monies that are deposited on behalf of a beneficiary of a prearranged funeral agreement funded by trust and all accrued net interest. See Arizona Laws 32-1301
B. The funeral establishment shall pay the annual report fee prescribed in section 32-1309 when the annual report is filed.
C. The annual report shall contain the following information sworn to by the owner or owners of the funeral establishment:
1. The names and addresses of persons who were sold prearranged funerals funded by trust by the funeral establishment during the preceding calendar year and the names of the persons who are to be the beneficiaries of the prearranged funerals.
2. The total contract amount for each purchaser listed in paragraph 1 of this subsection, the total amount of monies previously paid on each contract and the amount of monies paid by and refunded to the purchaser on each contract during the preceding calendar year.
3. The total trust funds contained in the funeral establishment’s prearranged funeral trust accounts as of the end of the preceding calendar year and the total funds received in the trust accounts during that year.
4. The total amount of monies, if any, received from purchasers but not deposited in the trust accounts as of the end of the preceding calendar year, excluding initial service fees received by the funeral establishment.
5. The names and addresses of all salespersons employed or otherwise engaged by the funeral establishment during the preceding calendar year and the names and registration numbers of all salespersons terminated during that year.
6. The names and addresses of the financial institutions where the trust funds are on deposit and the account number of each account.
7. A statement of the owner of the funeral establishment that the funeral establishment has complied with this article and rules adopted pursuant to this article.
8. Other information required by the department.
D. Each funeral establishment that does not offer or sell prearranged funerals funded by trust or hold a prearranged funeral sales endorsement shall file with the department the annual report described in subsection C of this section concerning all prearranged funeral trust accounts established before January 1, 1985 and in existence during the preceding calendar year on or before May 1. For the purposes of this subsection, "prearranged funeral trust account" includes all prearranged funeral trust accounts or funds established pursuant to laws in existence before January 1, 1985.
E. The department of health services shall provide the department of insurance and financial institutions with a copy of each annual report filed pursuant to this section.