Ch. 675

1997 LAWS OF MARYLAND

5-707.                                                                                                                   

(g) (1) Except as otherwise provided in this subsection, each trustee shall
submit to the [Commissioner of Financial Regulation] DIRECTOR an annual statement
of account of the money in each trust account.                                         

(2) A savings and loan association shall submit the annual statement of
account to the [State Director of the Division of Savings and Loan Associations]
DIRECTOR.                                                                                               

5-710.                                                                                                       

(a)     (1) Each seller shall keep detailed records of all preneed burial contracts
and specific funds.

(2) The records of each seller and of each trustee appointed by the seller
are subject to examination by:

(i) the Attorney General or an authorized representative of the
Attorney General; and

(ii) the State's Attorney for the county where the seller does business.

(b)     (1) Each seller subject to the trust requirements of this subtitle shall submit
a report to the [Secretary of State] DIRECTOR within 120 days after the close of each
calendar or other fiscal year chosen by the seller.                                     

(2)     The report shall:

(i) be on the form that the [ Secretary of State] DIRECTOR requires;
(ii) be certified by a certified public accountant employed by the seller;
(iii) be accompanied by a fee of $25; and
(iv) include:

1.       the name of the seller;

2.       each location of the seller;                             

3.       the amount of money that the seller received during that year
that is subject to the trust requirements of this subtitle;                           

4.       the amount of money actually deposited into trust accounts
in that year; and

5.       the name and address of the trustee.             

(3)     A seller who stops selling preneed goods or preneed services shall notify
the [Secretary of State] DIRECTOR in the required report for the year, in which sales
stop.

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