Iowa Code 523I.314 – New construction
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1. A person shall not offer to sell interment rights in a mausoleum or columbarium that will be built or completed in the future unless the person has notified the commissioner of the offer to sell on a form prescribed by the commissioner.
Terms Used In Iowa Code 523I.314
- Commissioner: means the commissioner of insurance. See Iowa Code 510.1B
- following: when used by way of reference to a chapter or other part of a statute mean the next preceding or next following chapter or other part. See Iowa Code 4.1
- person: means individual, corporation, limited liability company, government or governmental subdivision or agency, business trust, estate, trust, partnership or association, or any other legal entity. See Iowa Code 4.1
2. The notice of an offer to sell interment rights in such a mausoleum or columbarium shall include the following information:
a. A description of the new facility or the proposed expansion, including a description of the interment rights to be offered to prospective purchasers.
b. A statement of the financial resources available for the project.
c. A copy of the proposed interment rights agreement to be used, which shall include the following:
(1) That purchase payments will be held in trust in accordance with the requirements of chapter 523A until construction of the mausoleum or columbarium is complete.
(2) That the purchaser may request a refund of the purchase amount, if construction does not begin within five years of the purchaser’s first payment.
(3) That the new facility will operate as a perpetual care cemetery in compliance with this chapter, even if the facility is located at a nonperpetual care cemetery.
(4) That the purchaser will receive an ownership certificate upon payment in full or, if later, when construction is complete.
3. Unless financing has been secured that is adequate in amount and terms to complete the facility proposed, new construction of a mausoleum or columbarium shall not begin until the notice required by this section has been approved by the commissioner.