New Jersey Administrative Code
Title 13 - LAW AND PUBLIC SAFETY
Chapter 36 - STATE BOARD OF MORTUARY SCIENCE
Subchapter 11 - PREPAID FUNERAL AGREEMENTS AND ARRANGEMENTS
Section 13:36-11.9 - Cash advance items; application of interest income

Universal Citation: NJ Admin Code 13:36-11.9

Current through Register Vol. 56, No. 18, September 16, 2024

(a) If a prepaid funeral agreement is a guaranteed price agreement and the provider accepts funds for any cash disbursements at the time that the prepaid funeral agreement is made, then at the time of need, the provider shall first apply the interest earned by the prepaid cash disbursements to any increased costs of those disbursements, and shall refund any surplus funds or interest on the disbursements to the purchaser or legal representative of the intended funeral recipient or apply such surplus to any other use as directed by such persons.

(b) A provider shall not apply any surplus derived from the cash disbursement portion of a guaranteed price agreement to any other part of the agreement without the written consent of the purchaser or legal representative of the intended funeral recipient.

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