HARRY HUGHES, Governor                                     3569

(I) (5)       THE TRUST ACCOUNT SHALL BEAR THE

LEGEND "PRENEED TRUST ACCOUNT" AND BE ESTABLISHED BY THE SELLER
IN ITS NAME IN THE MANNER SPECIFIED HEREIN. THE SELLER MAY
COMMINGLE FUNDS DERIVED FROM 2 OR MORE PRENEED BURIAL CONTRACTS
AND MAY ESTABLISH MORE THAN 1 TRUST ACCOUNT.

(II) (6)        TRUST FUNDS SHALL BE WITHDRAWN ONLY

ON THE COMBINED SIGNATURES OF 2 OFFICERS OF ANY CORPORATE SELLER,
OR, IF UNINCORPORATED BY AT LEAST 2 INDIVIDUALS AUTHORIZED TO
WITHDRAW THE FUNDS. THE TRUST ACCOUNTS SHALL BE ADMINISTERED
UNDER THE PROVISIONS OF THIS SECTION.

(III) (7)        A TRUSTEE SHALL FILE AN ANNUAL

STATEMENT OF ACCOUNT OF THE TRUST FUNDS AS FOLLOWS:

1. (I) A SAVINGS AND LOAN ASSOCIATION
SHALL FILE WITH THE STATE DIRECTOR OF THE DIVISION OF SAVINGS AND
LOAN ASSOCIATIONS; AND

2. (II) ALL OTHER TRUSTEES, INCLUDING
STATE CHARTERED AND NATIONAL BANKS, SHALL FILE WITH THE STATE
BANK COMMISSIONER.

(3) (8) NOTHING IN THIS SECTION SHALL BE DEEMED TO
PROHIBIT THE SALE IN A PRENEED BURIAL CONTRACT SUBJECT TO THE
DEPOSIT REQUIREMENTS OF THIS SECTION OF GOODS AND SERVICES TO BE
DELIVERED OR PERFORMED WITHIN 120 DAYS AFTER RECEIPT OF ANY
PAYMENT ON ACCOUNT OF SUCH SALE IF THE PURCHASER'S OBLIGATION IS
SEPARATELY ITEMIZED FOR SPECIFIC GOODS AND SERVICES. IF THERE IS
NO SEPARATE ITEMIZATION, THE DEPOSIT REQUIREMENT SHALL APPLY TO
ALL PAYMENTS RECEIVED BY THE SELLER AS PROVIDED IN THIS SECTION.
IF THERE IS A SEPARATE ITEMIZATION, NO DEPOSIT REQUIREMENT SHALL
APPLY TO A CONTRACT OF GOODS AND SERVICES TO BE DELIVERED OR
PERFORMED WITHIN 120 DAYS AFTER RECEIPT OF A PAYMENT RECEIVED BY
THE SELLER AS PROVIDED IN THIS SECTION.

(D) (1) EXCEPT AS OTHERWISE PROVIDED IN THIS SECTION,
TRUSTEES APPOINTED HEREUNDER SHALL BE GOVERNED BY THE LAW
GENERALLY APPLICABLE TO TRUSTEES. IF THE TRUSTEE APPOINTED
HEREUNDER IS NOT LOCATED WITHIN THE STATE OF MARYLAND, THE TRUST
AGREEMENT OR OTHER AGREEMENT BETWEEN THE SELLER AND THE TRUSTEE
SHALL EXPRESSLY INCORPORATE THE PROVISIONS OF THIS SECTION.

(2)  EACH SELLER PROVIDING PRENEED GOODS AND SERVICES
SHALL RECORD AND KEEP DETAILED ACCOUNTS OF ALL PRENEED BURIAL
CONTRACTS AND SPECIFIC FUNDS AND SUCH RECORDS AND THOSE OF ANY
TRUSTEE APPOINTED BY SAID SELLER SHALL BE SUBJECT TO EXAMINATION
BY THE ATTORNEY GENERAL OF MARYLAND OR HIS DESIGNATED
REPRESENTATIVE AND BY THE STATE'S ATTORNEY FOR THE COUNTY
(INCLUDING BALTIMORE CITY) IN WHICH THE SELLER RESIDES.

(3)  EACH SELLER PROVIDING PRENEED BURIAL GOODS AND
SERVICES SUBJECT TO THE DEPOSIT REQUIREMENTS OF THIS SECTION
SHALL FILE WITH THE SECRETARY OF STATE WITHIN 120 DAYS FOLLOWING