Rules & Regulations of the State of Tennessee
Title 0780 - Commerce and Insurance
Subtitle 0780-05 - Division of Regulatory Boards
Chapter 0780-05-10 - Pre-Need Funeral Service Contracts
Section 0780-05-10-.05 - RECORDS
Universal Citation: TN Comp Rules and Regs 0780-05-10-.05
Current through September 24, 2024
(1) All contract sellers and trustees shall maintain, within the State of Tennessee, accurate accounts, books and records in this state concerning transactions regulated under these rules.
(2)
(a) A
contract seller's accounts, books, and records shall include:
1. copies of all pre-need contracts, with
each contract and its related documentation maintained in a separate
file;
2. the dates and amounts of
payments made and accepted thereon;
3. the name and address of each contract
buyer;
4. the name of the contract
beneficiary of each pre-need contract; and
5. the name of the trustee holding the trust
funds received under each contract.
(b) A trustee's accounts, books and records
shall include:
1. the name of the contract
seller;
2. the amount and date of
receipt of all funds received from the contract seller; and
3. a record of all disbursements.
(3) A contract seller shall retain all required accounts, books, and records pertaining to each pre-need contract for at least two (2) years after the date of performance or termination. Such accounts, books and records shall be available for inspection by contract buyers during normal business hours at the contract seller's place of business.
Authority: T.C.A. § 62-5-405(a) and (b).
Disclaimer: These regulations may not be the most recent version. Tennessee may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.
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