Virginia Administrative Code (Last Updated: January 10, 2017) |
Title 18. Professional and Occupational Licensing |
Agency 65. Board of Funeral Directors and Embalmers |
Chapter 30. Regulations for Preneed Funeral Planning |
Section 170. Trust accounts
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If funds are to be trusted, the trust account is to be established according to provisions of §§ 54.1-2822 and 54.1-2824 of the Code of Virginia and the following information shall be disclosed in writing to the contract buyer:
1. The amount to be trusted;
2. The name of the trustee;
3. The disposition of the interest;
4. The fees, expenses, and taxes which may be deducted from the interest;
5. Whether up to 10% is retained by the contract provider; and
6. A statement of the contract buyer's responsibility for taxes owed on the interest.
Historical Notes
Derived from VR320-01-3 § 6.8, eff. March 1, 1991; amended, Volume 09, Issue 22, eff. August 25, 1993; Volume 11, Issue 14, eff. May 3, 1995; Volume 15, Issue 07, eff. January 20, 1999.