Permits; fidelity bonds; accounts, books, and records
Sec. 3. No person, firm, partnership, association, limited liability
company, or corporation may accept or hold trust funds paid under
section 1(a) of this chapter without first securing from the state board
of funeral service a permit to accept and hold the funds. Applications
for the permit must be in writing, signed by the applicant, and duly
verified on forms furnished by the board. Each application must
contain at least the following:
(1) The full name and address (both residence and place of
business) of the applicant, and every member, officer, and
director of the applicant if the applicant is a firm, partnership,
association, limited liability company, or corporation. Any
permit issued in response to the application is valid for two (2)
years, only at the address stated in the application for the
applicant or at the address as may be approved by the board.
(2) A detailed statement of the applicant's assets and liabilities.
(3) A fidelity bond executed by the applicant and a surety
company authorized to do business in this state in the amount
not exceeding ten thousand dollars ($10,000) as the board may
require.
Upon receipt of such application and bond, the board shall issue a
permit unless it determines that the applicant has made false
statements or representations in the application, is insolvent, has
conducted or is about to conduct his business in a fraudulent manner,
or is not duly authorized to transact business in this state. The board
may require an additional bond from time to time in amounts equal
to one tenth (1/10) of the trust funds held by the permittee. The bond
must run to the state of Indiana for the use and benefit of the
beneficiaries of the trust funds. The permittee shall keep accurate
accounts, books, and records in this state of all transactions, copies
of all agreements, dates, and amounts of payments made and
accepted on all agreements, the names and addresses of the
contracting parties, the persons for whose benefit the funds are
accepted, and the names of the depositories of the funds. The
permittee shall make reports to the board annually or at any other
times that the board may require, on forms furnished by the board.
Every application must be accompanied by a fee of ten dollars ($10)
and every report must be accompanied by a fee of two dollars ($2).
The permittee shall make all the books and records pertaining to the
trust funds available to the board for examination. The board, or a
qualified person designated by it may at any time investigate the
books, records, and accounts of the permittee with respect to its trust
funds and for that purpose may require the attendance of and
examine under oath all persons whose testimony he may require.
(Formerly: Acts 1963, c.303, s.3.) As amended by Acts 1978,
P.L.133, SEC.4; P.L.246-1985, SEC.21; P.L.8-1993, SEC.466.
Last modified: May 27, 2006