Compilation of Rules and Regulations of the State of Georgia
Department 590 - RULES OF OFFICE OF SECRETARY OF STATE
Chapter 590-3 - CEMETERIES, PRENEED DEALERS, AND MERCHANDISE DEALERS
Subject 590-3-4 - PRENEED DEALERS
Rule 590-3-4-.05 - Refunds

Universal Citation: GA Rules and Regs r 590-3-4-.05

Current through Rules and Regulations filed through September 23, 2024

(1) The amount of interest accruing on the sales price of merchandise and services described in O.C.G.A. § 10-14-17 and to be refunded pursuant to the provisions thereof shall be computed as follows:

(a) In the case of a segregated account, the interest shall be the balance present in the account at the time the refund is made less the amount originally deposited.

(b) In the case of an aggregated account, any registrant:
1. May calculate the amount of interest or other earnings attributable to the individual initial deposit by multiplying the average U.S. Treasury Bill yield for the period during which the purchase price was on deposit by the amount of the initial deposit. The average U.S. Treasury Bill yield for said period shall be determined by averaging the yield on the three-month U.S. Treasury Bill on the last day of each calendar quarter during said period; or

2. In the alternative, a registrant may by rule filed with the Secretary set forth a formula reasonably calculated to compute the proportionate amount of the earnings of such account during the period between the time of the required initial deposit and the time of the refund; provided that in no event shall the proportional earnings on such account be less than the amount which would result from multiplying the initial deposit by one-half (1/2) of the legal rate of interest during such period on a simple interest basis. Records reflecting any calculation made pursuant to any such rule shall be retained in the records of the registrant and provided upon request to the person requesting the refund.

(2) It shall not be a violation of the Act for a registrant to refund the incorrect amount of interest provided it can demonstrate that it has made a good faith attempt to refund the correct amount and, upon a determination by the Secretary of State, after notice and opportunity for a hearing, that the incorrect amount was refunded and represented no more than a 10% variance from the correct amount, and that the registrant promptly refunds any difference between the amount originally refunded and the correct amount, together with interest at the legal rate.

O.C.G.A. Secs. 44-3-137, 44-3-139.

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