Bill Text: GA HB356 | 2011-2012 | Regular Session | Introduced

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Bill Title: Preneed escrow; accounts titled in favor of registered entity; provide

Spectrum: Partisan Bill (Republican 1-0)

Status: (Introduced - Dead) 2011-04-14 - House Withdrawn, Recommitted [HB356 Detail]

Download: Georgia-2011-HB356-Introduced.html

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11 LC 36 1814

House Bill 356

By: Representative Sims of the 169th

A BILL TO BE ENTITLED
AN ACT

To amend Chapter 14 of Title 10 of the Official Code of Georgia Annotated, the "Georgia Cemetery and Funeral Services Act of 2000," so as to provide that preneed escrow accounts may be titled in the name of and made payable in favor of an entity registered to provide preneed services upon the death of the purchaser; to provide for related matters; to provide an effective date; to repeal conflicting laws; and for other purposes.

BE IT ENACTED BY THE GENERAL ASSEMBLY OF GEORGIA:

SECTION 1.

Chapter 14 of Title 10 of the Official Code of Georgia Annotated, the "Georgia Cemetery and Funeral Services Act of 2000," is amended by revising Code Section 10-14-7, relating to preneed escrow accounts, by adding a new subsection to read as follows:

"(c.1) Notwithstanding any provision to the contrary contained in Chapter 1 of Title 7, the 'Financial Institutions Code of Georgia,' or in any other provision of law, any funds deposited with a depository institution in accordance with this Code section may be placed in a preneed escrow account that is:

(1) Titled in the name of an entity registered under this chapter to provide preneed services;

(2) Payable upon the death of the purchaser in favor of an entity registered under this chapter to provide preneed services; or

(3) Titled in the name of an entity registered under this chapter to provide preneed services and payable upon the death of the purchaser in favor of an entity registered under this chapter to provide preneed services.

The preneed escrow account shall be established and maintained subject to the funding and filing requirements set forth in this chapter."

SECTION 2.

This Act shall become effective upon its approval by the Governor or upon its becoming law without such approval.

SECTION 3.

All laws and parts of laws in conflict with this Act are repealed.