367.948 Records of registrants.
395 words·~2 min read·
/ky/chapter-367/367-948A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Every registrant shall keep and maintain adequate records, including, but not limited to, the following:
(1)A cash receipts journal, or its equivalent, listing moneys received in chronological
order. The journal shall contain dates of all such moneys received, amounts
received, and identification of the purchasers;
(2)A cash disbursement journal, or its equivalent, containing the same information as
required by subsection
(1)of this section for moneys disbursed; if a separate bank
account is kept exclusively for any such funds, the checkbook could be used as a
cash disbursement journal;
(3)A "reconciliation" done at least once every twelve
(12)months. The reconciliation
shall indicate the beginning balance in the trust account, payments received during
the period, interest earned during the period, disbursements during the period, and
the ending balance for the period. The ending balance for each period is determined
as follows:
Beginning balance
+ Payments received
+ Interest
- Disbursements
Ending Balance
(4)All contracts, sales, trust fund, and accounting records of the registrant shall be
readily available at the registrant's principal place of business in this state at
reasonable times for examination by an authorized representative of the Attorney
General's office;
(a)The necessary expenses of any reasonable examination made pursuant to this
section shall be paid by the registrant; but in no case shall the Attorney
General or his authorized representatives be paid more than the actual
expenses of such examination, not to exceed the lesser of the following
amounts: one hundred dollars ($100) per day for each auditor or five dollars
($5) for each registrant's sales contract examined. In any event, the cost of
such examination shall not exceed a total of one thousand two hundred fifty
dollars ($1,250) during any twelve
(12)month period;
(b)The registrant may pay for this expense using interest moneys which have
accrued on the registrant's existing cemetery merchandise trust fund accounts
or preconstruction trust fund account or perpetual care account. Any
withdrawal of interest for this purpose shall be taken as a pro rata share of all
of the trust fund accounts. The Attorney General shall be advised in writing by
the registrant when interest moneys are the source of payment and shall
receive written certification from the financial institution or registrant that the
withdrawal was a pro rata share;
(6)This section shall apply to examinations of all registrant's contracts.