Current Status Introducing Body:
SenateBill Number: 875Primary Sponsor: MacaulayCommittee Number: 27Type of Legislation: GBSubject: Preneed burial contractsResiding Body: HouseCurrent Committee: Medical, Military, Public and Municipal AffairsDate Tabled: Apr 14, 1992Computer Document Number: BR1/1415.ACIntroduced Date: Apr 10, 1991Date of Last Amendment: Jan 21, 1992Last History Body: HouseLast History Date: Apr 14, 1992Last History Type: Tabled in CommitteeScope of Legislation: StatewideAll Sponsors: MacaulayType of Legislation: General Bill
Bill Body Date Action Description CMN ---- ------ ------------ ------------------------------ --- 875 House Apr 14, 1992 Tabled in Committee 27 875 House Jan 23, 1992 Introduced, read first time, 27 referred to Committee 875 Senate Jan 22, 1992 Read third time, sent to House 875 Senate Jan 21, 1992 Amended, read second time 875 Senate Jan 15, 1992 Committee Report: Favorable 11 with amendment 875 Senate Apr 10, 1991 Introduced, read first time, 11 referred to CommitteeView additional legislative information at the LPITS web site.
`Indicates Matter Stricken
Indicates New Matter
COMMITTEE AMENDMENT ADOPTED
January 21, 1992
S. Printed 1/21/92--S.
Read the first time April 10, 1991.
TO AMEND SECTION 32-7-10, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO DEFINITIONS USED IN THE PRENEED BURIAL CONTRACTS, SO AS TO ADD THE DEFINITION OF `COMMON TRUST FUND'; AND TO AMEND SECTION 32-7-20, RELATING TO PRENEED BURIAL CONTRACTS, PAYMENTS, AND TRUST FUNDS, SO AS TO PROVIDE THAT ONE HUNDRED PERCENT OF FUNDS RECEIVED FOR A PRENEED BURIAL VAULT MUST BE HELD BY THE SELLER IN TRUST.
Amend Title To Conform
Be it enacted by the General Assembly of the State of South Carolina:
SECTION 1. Section 32-7-10 of the 1976 Code is amended by adding:
"(8) `Common trust fund' means a trust in which the proceeds of more than one funeral contract may be held by the trustee."
SECTION 2. Section 32-7-20(A)(2) of the 1976 Code is amended to read:
"(2) When any a vault is sold preneed by a seller in accordance with this chapter, one hundred percent of actual cost to funds received by the seller at the time of payment must be held as trust funds and deposited in a financial institution."
SECTION 3. This act takes effect upon approval by the Governor except for Section 1, which is effective for taxable years beginning after 1991.