Section 27-17A-10Certificate required. THIS SECTION WAS ASSIGNED BY THE CODE COMMISSIONER. THIS SECTION HAS NOT BEEN CODIFIED BY THE LEGISLATURE.
(a) No person may sell a preneed contract without first having a valid certificate of authority.
(b)(1) No person may receive any funds for payment on a preneed contract who does not hold a valid certificate of authority.
(2) The provisions of subdivision (1) do not apply to any legal reserve insurance company or to any trust company or to any national or state bank or savings and loan association having trust powers which company, bank, or association receives any money in trust pursuant to the sale of a preneed contract.
(c) No person may obtain a certificate of authority under this article for the preneed sale of funeral services or cemetery services unless the person or its agent, in the case of a corporate entity, holds a license as a funeral director or a funeral establishment, or is a cemetery authority.
(d) The provisions of this section do not apply to a cemetery authority owned or operated by a governmental agency or a religious institution.
(Act 2002-74, p. 221, §1.)
|
