South Carolina General Assembly
109th Session, 1991-1992

Bill 875

Indicates Matter Stricken
Indicates New Matter 

                    Current Status

Introducing Body:               Senate
Bill Number:                    875
Primary Sponsor:                Macaulay
Committee Number:               27
Type of Legislation:            GB
Subject:                        Preneed burial contracts
Residing Body:                  House
Current Committee:              Medical, Military, Public and
                                Municipal Affairs
Date Tabled:                    Apr 14, 1992
Computer Document Number:       BR1/1415.AC
Introduced Date:                Apr 10, 1991
Date of Last Amendment:         Jan 21, 1992
Last History Body:              House
Last History Date:              Apr 14, 1992
Last History Type:              Tabled in Committee
Scope of Legislation:           Statewide
All Sponsors:                   Macaulay
Type of Legislation:            General Bill
History


 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 Committee
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(Text matches printed bills. Document has been reformatted to meet World Wide Web specifications.)

`Indicates Matter Stricken

Indicates New Matter

COMMITTEE AMENDMENT ADOPTED

January 21, 1992

S. 875

Introduced by SENATOR Macaulay

S. Printed 1/21/92--S.

Read the first time April 10, 1991.

A BILL

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.

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