Oklahoma § 36-7123 - Permit required - Contracts in violation of act

§ 36-7123. Permit required - Contracts in violation of act

A. Any organization which shall accept money or anything of

value for cemetery merchandise pursuant to a prepaid cemetery

merchandise contract shall first obtain a permit from the Insurance

Commissioner authorizing the transaction of this type of business

before entering into the contract. It shall be unlawful to sell any

prepaid cemetery merchandise unless the organization holds a valid,

current permit at the time the contract is made. The organization

shall not be entitled to enforce a contract made in violation of the

Cemetery Merchandise Trust Act, but the purchaser, or the heirs or

Oklahoma Statutes - Title 36. Insurance

legal representative of the purchaser, shall be entitled to recover

triple the amounts paid to the organization with interest thereon at

the rate of six percent (6%) per annum under any contract made in

violation of this act.

B. An organization with any prepaid cemetery merchandise

contracts subject to the provisions of the Cemetery Merchandise

Trust Act shall apply for, and obtain, approval of the Commissioner

before transferring or conveying in any manner the cemetery, its

obligations or both the cemetery and its obligations under the

prepaid cemetery merchandise contracts. The application shall be

accompanied by a fee equal to that required under Section 7125 of

this title and shall include such information as the Commissioner

may prescribe. The Commissioner shall not approve any such transfer

or conveyance until the applicant has provided sufficient evidence

that a cemetery merchandise trust fund equal to the minimum funding

requirement is maintained pursuant to Section 7126 of this title or

the applicant has obtained a surety bond pursuant to the provisions

of Section 7127 of this title.

Added by Laws 1989, c. 297, § 19, eff. Nov. 1, 1989. Amended by

Laws 1995, c. 82, § 5, eff. Nov. 1, 1995; Laws 2009, c. 3, § 6, eff.

July 1, 2009; Laws 2010, c. 58, § 13, eff. July 1, 2010. Renumbered

from § 303 of Title 8 by Laws 2010, c. 58, § 40, eff. July 1, 2010.

Amended by Laws 2013, c. 269, § 19, eff. Nov. 1, 2013.