Illinois Administrative Code
Title 38 - FINANCIAL INSTITUTIONS
Part 610 - ILLINOIS FUNERAL OR BURIAL FUNDS ACT
Section 610.30 - Definitions
For the purposes of this Part, the following definitions shall apply:
"Act", the Illinois Funeral or Burial Funds Act [225 ILCS 45 ].
"Contract Beneficiary", the person specified in the pre-need contract upon whose death funeral services or merchandise shall be provided or delivered. [225 ILCS 45/1a ]
"Funeral Goods, Funeral Merchandise, or Funeral Services", those services and items of merchandise the pre-need sale of which is governed by the Illinois Funeral or Burial Funds Act.
"Income", amounts earned through investments or interest.
"Licensee", a seller of a pre-need contract who has been licensed by the Comptroller. [225 ILCS 45/1a]
"Parent Company", a corporation owning more than 12 cemeteries or funeral homes in more than one state. [225 ILCS 45/1a ]
"Pre-need Contract", any agreement or contract, or any series or combination of agreements or contracts, whether funded by trust deposits or life insurance policies or annuities, which has for a purpose the furnishing or performance of funeral services or the furnishing or delivery of any personal property, merchandise, or services of any nature in connection with the final disposition of a dead human body. [225 ILCS 45/1 a]
"Provider", a person who is obligated for furnishing or performing funeral services or the furnishing or delivery of any personal property, merchandise or services of any nature in connection with the final disposition of a dead human body. [225 ILCS 45/1 a]
"Purchaser", the person who provides for the payment of money under or in connection with a pre-need contract. [225 ILCS 45/1a]
"Sales Proceeds", the entire amount paid to a seller, exclusive of sales taxes paid by the seller, finance charges paid by the purchaser, and credit life, accident or disability insurance premiums, upon any agreement or contract, or series or combination of agreements or contracts, for the purpose of performing funeral services or furnishing personal property, merchandise, or services of any nature in connection with the final disposition of a dead human body, including, but not limited to, the retail price paid for such services and personal property and merchandise. [225 ILCS 45/1a]
"Seller", the person who sells or offers to sell the pre-need contract to a purchaser, whether funded by a trust agreement, life insurance policy, or tax-deferred annuity. [225 ILCS 45/1a]
"Trustee", a person authorized to hold funds under the Act. [225 ILCS 45/1a]
"Trust Funds", all sales proceeds, including interest earned thereon, paid to any person, partnership, association or corporation upon any agreement or contract, or any series or combination of agreements or contracts, which has for a purpose the furnishing or performance of funeral services, or the furnishing or delivery of any personal property, merchandise, or services of any nature in connection with the final disposition of a dead human body, including, but not limited to, outer burial containers, urns, combination casket-vault units, caskets and clothing, for future use at a time determined by the death of the person or persons whose body or bodies are to be disposed of. [225 ILCS 45/1]
