Okla. Admin. Code § 85:20-3-1

Current through Vol. 42, No. 4, November 1, 2024

Section 85:20-3-1 - Criteria for permit [1]

(a) Pursuant to the Cemetery Merchandise Trust Act, any organization which shall accept money or anything of value for cemetery merchandise pursuant to a prepaid cemetery merchandise contract must first obtain a permit from the Oklahoma State Banking Board authorizing the transaction of this type of business. In granting permits, the Board shall consider the following criteria:

(1) The applicant cannot have been convicted of a crime involving fraud, dishonesty or moral turpitude.

(2) The applicant must submit information regarding his employment experience during the five year period prior to application for the permit.

(3) The applicant must agree to comply with all provisions of the Cemetery Merchandise Trust Act.

(4) The contract to be used between the cemetery merchandise Permittee and the buyer of cemetery merchandise must be submitted to the State Banking Board, along with a disclosure statement which contains the following information:

(A) A clear description of the merchandise covered by the preneed sale;

(B) A clear explanation of the consequences of defaulting on payments under the contract;

(C) A clear explanation of the customer's rights regarding credit for outside containers if the customer moves to another city or town.

(b) Within one year from the date of issuance of a permit, the disclosures set forth in (A) through (B) above shall be incorporated into each organizations' contract.

Okla. Admin. Code § 85:20-3-1

¹See Editor's Note at beginning of this Chapter.