Current through Register Vol. 18, September 20, 2024
(1)
Per 24.147.1606, mortuaries and crematories will report annually to the board:
(a) the name(s) and address(es) of the
banking institution, savings or building and loan association, or credit union
in which the trust(s) is held;
(b)
final trust balances for both the current year's and previous year's reporting
cycles, broken out by institution;
(c) the amount of trust interest or dividends
earned during the current reporting cycle;
(d) total number of preneed contracts sold
during the current reporting cycle. In addition to the number sold, the
mortuaries and crematories must report the total monetary amounts collected and
deposited in the trust; and
(e) a
signed attestation from the mortuaries and crematories as to the information
contained within the report.
(2) Annual funeral preneed trust reports must
be submitted to the board by March 1.
(a)
Mortuaries and crematories may request a reporting extension prior to the
submission deadline. The board will:
(i)
evaluate requests on a case-by-case basis; and
(ii) notify the requestor whether the
extension is granted. If the extension is granted, the board will also notify
the requestor as to the length of the extension.
(b) Mortuaries and crematories that do not
file their reports within the time prescribed above may be subject to
disciplinary action as prescribed by the Montana Administrative Procedure Act
and Title 37, chapter 1, part 3, MCA, including a fine of up to
$1000.
(3) Per
37-19-829,
MCA, and 24.147.1606, financial institutions must report to the board regarding
all amounts received and held in trust.
(4) The board will compare the trust
principal and interest and dividends reported by the financial institutions in
24.147.1601 to the corresponding information reported by the licensed
mortuaries and crematories in these annual reports.
(a) Using this information, the board will
make a determination as to whether or not further information and/or an audit
is necessary.
(b) If an audit is
deemed necessary, the board will conduct an audit per 24.147.1609.
AUTH:
37-1-131,
37-19-202,
37-19-708,
37-19-807,
MCA; IMP:
37-1-131,
37-19-708,
37-19-827,
37-19-828,
37-19-829,
MCA
