Bill Title: Amends the Cemetery Care Act. Defines "average fair market value" and "total return percentage". Allows a cemetery authority to take distributions from its fund by net income distribution or total return distribution. Requires an application for implementation of the total return distribution method to be submitted at least 60 days before the effective date of the election to use total return. Provides that the total return percentage elected may be reduced but may not be increased unless additional application is made to the Comptroller with documentation demonstrating the rate of return of the care funds over the last 3 years to support an increase in the percentage. Allows a cemetery authority that has elected the total return distribution method to elect to reconvert to a net income distribution method by submitting written documentation to the Comptroller in support of the reconversion. Allows the Comptroller to take corrective measures and evaluate the care fund conditions and choose not to impose corrective measures under specified circumstances. Makes other changes.

Spectrum: Partisan Bill (Democrat 2-0)

Status: (Introduced - Dead) 2022-10-21 - Chief Sponsor Changed to Sen. Don Harmon [SB3207 Detail]

Text: Latest bill text (Introduced) [HTML]

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