Arizona Laws 32-1391.04. Prearranged funeral trust accounts; books and records; inspection and examination
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.
Terms Used In Arizona Laws 32-1391.04
- Department: means the department of health services. See Arizona Laws 32-1301
- Financial institution: means a bank, savings and loan association, trust company or credit union that is lawfully doing business in this state and that is not affiliated with a funeral establishment. See Arizona Laws 32-1301
- Funeral establishment: means a business at a specific location that is licensed pursuant to this chapter and that is devoted to the care, storage or preparation for final disposition or transportation of dead human bodies. See Arizona Laws 32-1301
- Trust account: A general term that covers all types of accounts in a trust department, such as estates, guardianships, and agencies. Source: OCC
- Trust funds: means all monies that are deposited on behalf of a beneficiary of a prearranged funeral agreement funded by trust and all accrued net interest. See Arizona Laws 32-1301
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.