Indiana Code 30-2-13-29. Fund uses; complaints; annual review
(1) this chapter;
Terms Used In Indiana Code 30-2-13-29
- Attorney: includes a counselor or other person authorized to appear and represent a party in an action or special proceeding. See Indiana Code 1-1-4-5
- Beneficiary: A person who is entitled to receive the benefits or proceeds of a will, trust, insurance policy, retirement plan, annuity, or other contract. Source: OCC
- board: refers to the state board of funeral and cemetery service established by IC 25-15-9-1. See Indiana Code 30-2-13-3
- Complaint: A written statement by the plaintiff stating the wrongs allegedly committed by the defendant.
- contract: means a written agreement between a purchaser and a seller that:
Indiana Code 30-2-13-4
- Contract: A legal written agreement that becomes binding when signed.
- Escrow: Money given to a third party to be held for payment until certain conditions are met.
- fund: refers to the preneed consumer protection fund established by section 28 of this chapter. See Indiana Code 30-2-13-6
- Month: means a calendar month, unless otherwise expressed. See Indiana Code 1-1-4-5
- Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
- purchaser: means a person or firm contracting with a seller for services or merchandise to be provided or delivered for a named individual. See Indiana Code 30-2-13-9
- Restitution: The court-ordered payment of money by the defendant to the victim for damages caused by the criminal action.
- seller: means a person doing business as a sole proprietor, a firm, a limited liability company, a corporation, an association, or a partnership contracting to provide services or merchandise, or both, to a named individual. See Indiana Code 30-2-13-10
- Statute: A law passed by a legislature.
- United States: includes the District of Columbia and the commonwealths, possessions, states in free association with the United States, and the territories. See Indiana Code 1-1-4-5
- Verified: when applied to pleadings, means supported by oath or affirmation in writing. See Indiana Code 1-1-4-5
- Year: means a calendar year, unless otherwise expressed. See Indiana Code 1-1-4-5
(3) IC 30-2-9; or
(4) IC 30-2-10.
The repeal of a statute cited in this subsection does not terminate the ability of a party to a contract made under the repealed statute to receive restitution under this chapter.
(b) The purchaser, seller, or other interested person must request restitution by filing a verified complaint with the board.
(c) The board may investigate any verified complaint. Within one hundred eighty (180) days after a verified complaint is filed, the board shall determine if a seller has defaulted on a contract. If the seller’s obligation to perform under the contract cannot be collected from the seller, the board may order the auditor of state to make restitution from the fund.
(d) The amount of restitution may not exceed the gross amount of the original contract plus interest, compounded annually, on the gross amount that is figured, for each year or part of a year for which restitution is owed, using the lesser of:
(1) the rate set forth in IC 24-4.6-1-101 in effect on January 1 of each year; or
(2) the monthly average yield on United States Treasury Securities for the month of January of each year, adjusted to a constant maturity of one (1) year, as published by the Federal Reserve.
(e) The fund may not be charged with court costs or the payment of legal or other fees. In computing the amount of restitution, the board shall give credit for:
(1) merchandise delivered; and
(2) resources still existing in trust.
(f) When restitution is paid from the fund, the fund is subrogated to the amount of the restitution, and the board shall ask the attorney general to take all reasonable steps to collect the subrogated amount from the seller. Any amount collected shall be deposited in the fund.
(g) Money in the fund may only be used for a purpose that is specified in this section.
(h) The payment of restitution from the fund is not a right, and a purchaser does not have a vested right in the fund as a beneficiary of the fund.
(i) The status of the fund shall be annually reviewed by the board. If the board determines during its annual review that the fund balance equals or exceeds two million five hundred thousand dollars ($2,500,000), the board shall suspend payments to the fund until after the next annual review that the board determines that the fund balance is less than two million five hundred thousand dollars ($2,500,000).
As added by P.L.200-1991, SEC.1. Amended by P.L.120-1994, SEC.5; P.L.52-1997, SEC.54; P.L.114-1999, SEC.17; P.L.65-2007, SEC.5; P.L.112-2014, SEC.38.