SB1464ham001 101ST GENERAL ASSEMBLY

Rep. Robert Martwick

Filed: 5/17/2019

10100SB1464ham001 LRB101 09433 LNS 60712 a

AMENDMENT TO SENATE BILL 1464

AMENDMENT NO. ______. Amend Senate Bill 1464 on page 5, immediately below line 10, by inserting the following:

"(9.5) funds on deposit or held in trust pursuant to Section 16 of the Pre-Need Cemetery Sales Act attributable to undelivered cemetery merchandise and unperformed cemetery services, including undistributed interest earned thereon, 2 years after the earlier of:

(A) the later of:

(i) the date the seller in the ordinary course of its business receives notice or an indication of the death of the beneficiary; or

(ii) 10 years after the death of the beneficiary if the beneficiary is cremated and the purchaser or the heir or assign, or a duly authorized representative of the purchaser or the beneficiary, has not indicated an interest in the trust funds;

(B) the date the beneficiary has attained, or would have attained if living, the age of 105 if both the trustee and the seller do not know whether the beneficiary is deceased; or

(C) 50 years after the pre-need contract was executed, unless the purchaser or the heir or assign, or a duly authorized representative of the purchaser or the beneficiary, has indicated an interest in the property more than 50 years after the pre-need contract was executed, in which case, 3 years after the last indication of interest by the purchaser or the heir or assign, or a duly authorized representative of the purchaser or the beneficiary;"; and

on page 9, immediately below line 16, by inserting the following:

"Section 99. Effective date. This Act takes effect upon becoming law.".