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SPONSOR: | Larranaga | DATE TYPED: | 02/19/01 | HB | 585 | ||
SHORT TITLE: | Update Endowed Cemetery Care Act | SB | |||||
ANALYST: | Valdes |
Recurring
or Non-Rec |
Fund
Affected | ||||
FY01 | FY02 | FY01 | FY02 | ||
NFI |
(Parenthesis ( ) Indicate Expenditure Decreases)
SOURCES OF INFORMATION
Financial Institutions Division, Regulation and Licensing Department
SUMMARY
Synopsis of Bill
House Bill 585 will amend the Endowed Care Cemetery Act to accomplish the following objectives:
Significant Issues
This bill allows cemetery trust funds to be commingled, upon approval of the Financial Institutions Division Director. This is significant for smaller cemeteries to allow greater efficiencies through economies of scale and lower maintenance costs of the trust funds. This will increase funding availability for endowed care.
The bill clarifies the exemption for municipal, fraternal, religious and family cemeteries that provide burial only for family members.
The bill establishes new provisions concerning establishment of a cemetery authority, transfer of ownership, denial or revocation of registration and judicial review.
PERFORMANCE IMPLICATIONS
This bill may affect the Financial Institution Division's performance output measure which states that 80 percent of the applications will be processed within a standard number of days.
FISCAL IMPLICATIONS
There is no additional cost to the department anticipated with the passage of this bill.
The clarification of exemptions may result in minimal additional new revenue according to the department.
ADMINISTRATIVE IMPLICATIONS
No impact.
MV/ar/njw