Oklahoma § 36-7122 - Definitions

§ 36-7122. Definitions

As used in the Cemetery Merchandise Trust Act:

1. "Cemetery merchandise" means markers, memorials, vases,

memorial vases, monuments, equipment, crypts, niches or outer

enclosures. Cemetery merchandise shall not include the sale of

lands or interests therein as grave lots or grave spaces; burial or

interment rights; and delivered or installed crypts, niches or outer

enclosures;

2. "Purchase price" means the gross amount to be paid for

cemetery merchandise under the provisions of a prepaid cemetery

merchandise contract. Purchase price shall not include finance

charges, sales tax, charges for real property interests or charges

for credit life insurance;

Oklahoma Statutes - Title 36. Insurance

3. "Prepaid cemetery merchandise contract" means any agreement

for the sale of cemetery merchandise by an organization which

requires payment of the purchase price, in whole or in part, prior

to delivery of the cemetery merchandise, which agreement is entered

into from and after November 1, 1989;

4. "Minimum funding requirement" means that portion of the

purchase price equal to one hundred ten percent (110%) of the

wholesale cost, plus delivery charges, of the cemetery merchandise

covered in a prepaid cemetery merchandise contract;

5. "Organization" means any individual, firm, partnership,

trust, corporation, association or entity. Organization shall not

include state, county, municipal, township, rural community,

religious, fraternal or nonprofit entities, free community burial

grounds, county cemetery associations, Indian tribal cemeteries on

tribal land and charitable or eleemosynary institutions operating

cemeteries in this state;

6. "Outer enclosure" means a grave liner, grave box, or grave

vault;

7. "Lawn crypt" means a subsurface permanent outer enclosure

installed before need in multiple units for the purpose of interring

human remains;

8. "Financial institution" means a federally insured bank,

trust company, or savings and loan association which is authorized

to do business in this state;

9. "Commissioner" or “Insurance Commissioner” means the

Insurance Commissioner of the State of Oklahoma; and

10. “Wholesale cost” means an amount determined on the basis of

such standard quotations and price lists as are published by the

vendor of the cemetery merchandise, without regard to any discounts

that may be available to the organization.

Added by Laws 1989, c. 297, § 18, eff. Nov. 1, 1989. Amended by

Laws 1993, c. 218, § 7, eff. Sept. 1, 1993; Laws 1994, c. 98, § 1,

eff. Sept. 1, 1994; Laws 1995, c. 82, § 4, eff. Nov. 1, 1995; Laws

2009, c. 3, § 5, eff. July 1, 2009; Laws 2010, c. 58, § 12, eff.

July 1, 2010. Renumbered from Title 8, § 302 by Laws 2010, c. 58, §

39, eff. July 1, 2010.