South Carolina General Assembly
109th Session, 1991-1992

Bill 3766

                    Current Status

Introducing Body:               House
Bill Number:                    3766
Ratification Number:            304
Act Number:                     284
Primary Sponsor:                Waldrop
Type of Legislation:            GB
Subject:                        Preneed funeral contracts
Date Bill Passed both Bodies:   Feb 20, 1992
Computer Document Number:       JIC/5503.HC
Governor's Action:              S
Date of Governor's Action:      Mar 10, 1992
Introduced Date:                Apr 03, 1991
Date of Last Amendment:         May 09, 1991
Last History Body:              ------
Last History Date:              Mar 10, 1992
Last History Type:              Act No. 284
Scope of Legislation:           Statewide
All Sponsors:                   Waldrop
                                Scott
Type of Legislation:            General Bill
History


 Bill  Body    Date          Action Description              CMN
 ----  ------  ------------  ------------------------------  ---
 3766  ------  Mar 10, 1992  Act No. 284
 3766  ------  Mar 10, 1992  Signed by Governor
 3766  ------  Mar 04, 1992  Ratified R 304
 3766  Senate  Feb 20, 1992  Read third time, enrolled for
                             ratification
 3766  Senate  Feb 18, 1992  Read second time
 3766  Senate  Feb 13, 1992  Committee Report: Favorable     08
 3766  Senate  May 16, 1991  Introduced, read first time,    08
                             referred to Committee
 3766  House   May 15, 1991  Read third time, sent to
                             Senate
 3766  House   May 14, 1991  Read second time
 3766  House   May 09, 1991  Debate adjourned
 3766  House   May 09, 1991  Amended
 3766  House   May 01, 1991  Committee Report: Favorable     27
                             with amendment
 3766  House   Apr 03, 1991  Introduced, read first time,    27
                             referred to Committee
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(Text matches printed bills. Document has been reformatted to meet World Wide Web specifications.)

(A284, R304, H3766)

AN ACT TO AMEND SECTIONS 32-7-10 AND 32-7-20, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO DEFINITIONS AND CONTRACT REQUIREMENTS FOR PRENEED FUNERAL CONTRACTS, SO AS TO PROVIDE A DEFINITION OF "COMMON TRUST FUND" AND CLARIFY THE DISPOSITION OF FUNDS FOR THE PRENEED SALE OF A BURIAL VAULT.

Be it enacted by the General Assembly of the State of South Carolina:

Definition

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."

Trust funds

SECTION 2. Section 32-7-20(A)(2) of the 1976 Code is amended to read:

"(2) When a vault is sold preneed by a seller in accordance with this chapter, one hundred percent of all funds received by the seller at the time of payment must be held as trust funds and deposited in a financial institution."

Time effective

SECTION 3. This act takes effect upon approval by the Governor except for Section 1, which is effective for taxable years beginning after 1991.

Approved the 10th day of March, 1992.