32-1391.04. Prearranged funeral trust accounts; books and records; inspection and examination

161 words·~1 min read·/az/title-32/32-1391-04

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

A. All funeral establishments and financial institutions, on request of the department of insurance and financial institutions, shall make their prearranged funeral trust account books and records available for inspection and examination by the department of insurance and financial institutions.

B. Each financial institution with trust funds deposited pursuant to this article shall at least quarterly send a copy to the department of insurance and financial institutions of each cancellation request or death certificate the financial institution has received that resulted in a withdrawal of funds from the trust account.

C. A financial institution does not have a legal duty to inquire about the disbursement of any trust funds deposited pursuant to this article if the financial institution has received the properly executed notifications or certifications required by this article.

D. A financial institution or funeral establishment operating according to the trust provisions established in this article is not considered to be in the trust business under title 6, chapter 8.