Florida Administrative Code
69 - DEPARTMENT OF FINANCIAL SERVICES
69K - Division of Funeral, Cemetery, and Consumer Services
Chapter 69K-7 - TRUSTS AND TRUST FUNDS
Section 69K-7.001 - Care and Maintenance Trust Fund Deposits

Universal Citation: FL Admin Code R 69K-7.001

Current through Reg. 50, No. 187; September 24, 2024

(1) The cemetery company is obligated to pay into the Care and Maintenance Trust Fund ten percent (10%) of the purchase price of burial rights as outlined in Section 497.268, F.S.

(2) Ten percent (10%) of the down payment and ten percent (10%) of each payment allocated to burial rights shall be paid to the trust fund until the full obligation is fulfilled.

(3) If the contract does not provide for the allocation of payments as anticipated in subsection (2), above, such payments shall be allocated as follows:

(a) For deferred payment contracts the trust liability as described in subsection (1), shall be divided by the total sales price.

(b) This percentage will then be applied to all payments received including the down payment and the value of credits given to determine the amount to be deposited in the care and maintenance trust fund.

(c) The percentage payments required to be deposited on each payment shall be carried out two places and the amount of deposit required may be rounded off to the nearest dollar as long as the total amount required to be deposited has been fully deposited when the contract has been fully paid.

(4) One hundred percent (100%) of all special endowments must be set aside in special trust account or a savings account in a bank or savings and loan association located within and authorized to do business in this state; or deposited in the care and maintenance trust fund. If a contract provides for a separate amount to be paid for care and maintenance, it shall be considered a special endowment. In such cases, the cemetery company shall pay the required percentage on the sum paid for the right and the amount of the endowment.

(5) If the contract contains terms which require a greater deposit to the care and maintenance trust fund or a more timely deposit, the terms of the contract shall prevail.

Rulemaking Authority 497.103 FS. Law Implemented 497.266, 497.267, 497.268, 497.269 FS.

New 3-22-63, Amended 4-20-63, Renumbered from 3-8.01 to 3D-30.01 on 9-8-75, Amended 1-27-81, Formerly 3D-30.01, 3D-30.001, Amended 2-1-95, 12-4-95, 5-27-98, Formerly 3F-7.001.

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