27-17A-14
Section 27-17A-14 Surety bond. (a) As an alternative to the trust requirement of Section 27-17A-13,
the details of which are set forth in Articles 3 and 4, a preneed provider may, with the prior
approval of the commissioner, purchase a surety bond in an amount not less than the aggregate
value of outstanding liabilities on undelivered preneed contracts for merchandise, services,
and cash advances. For the purposes of this section, the term outstanding liabilities means
the original retail amount of services and cash advances and the actual cost to the entity
to provide the undelivered merchandise sold on each contract written after April 30, 2002.
The surety bond shall be in an amount sufficient to cover the outstanding liability at the
time each contract is executed. (b) The bond shall be made payable to the State of Alabama
for the benefit of the commissioner and of all purchasers of preneed merchandise, services,
and cash advances. The bond shall be issued by an insurance company...
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27-17A-31
Section 27-17A-31 Deposits into trust; trustee responsibilities; interests in funds. (a) Any
person who is paid, collects, or receives funds under a preneed contract for funeral services
or funeral merchandise to be funded by trust shall deposit in trust an amount at least equal
to the sum of 75 percent of the amount collected on the purchase price for all funeral services
and funeral merchandise sold, transportation, and facilities rented other than outer burial
containers, 60 percent of the amount collected on the purchase price for outer burial containers,
110 percent of the wholesale cost of memorials from the amount collected on the purchase price
of memorials, and 100 percent of the amount collected on the purchase price for all cash advance
items sold. (b) All deposits shall be made within 30 days after the end of the calendar month
in which the preneed contract is paid in full, unless, prior to that time, all liabilities
of the seller under the preneed contract to deliver the...
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27-17A-42
Section 27-17A-42 Trust contributions; trustee responsibilities; withdrawals; analysis and
certification by seller. (a) The obligation of the seller under a preneed contract shall be
to make contributions into the Cemetery Merchandise and Services Trust Fund in accordance
with the following formulae: (1) With respect to all cemetery merchandise, 110 percent of
wholesale cost. (2) With respect to outer burial containers, 60 percent of the purchase price
specified in the preneed contract. (3) With respect to cemetery services, 60 percent of the
purchase price specified in the preneed contract. (4) With respect to all cash advance items
sold, 100 percent of the purchase price specified for the same in the preneed contract. (5)
With respect to caskets, 75 percent of the purchase price. (b) All contributions shall be
made within 30 days after the end of the calendar month in which the preneed contract is paid
in full, unless, prior to that time, all liabilities of the seller under the...
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8-32-3
Section 8-32-3 Requirements for selling or offering to sell service contracts. (a) Either the
provider or its designee shall: (1) Provide a receipt for, or other written evidence of, the
purchase of the service contract to the contract holder. (2) Provide a copy of the service
contract to the service contract holder within a reasonable period of time from the date of
purchase. (b) A provider may, but is not required to, appoint an administrator or other designee
to be responsible for any or all of the administration of service contracts and compliance
with this chapter. (c) Each provider of service contracts sold in this state shall file a
registration with the commissioner on a form prescribed by the commissioner. Each provider
shall pay to the commissioner a fee in the amount of two hundred dollars ($200) annually.
All fees collected shall be paid into a special revolving fund to be set up by the State Treasurer
referred to as the "Service Contract Revolving Fund." The Service...
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5-18-15
Section 5-18-15 Interest rates, charges, and fees. (a) Maximum rates of interest and charge.
Every licensee under this chapter may contract for and receive as interest on any loan of
money less than one thousand five hundred dollars ($1,500) an amount at a rate not exceeding
three percent a month on that part of the unpaid principal balance not in excess of two hundred
dollars ($200), and two percent a month on that part of the unpaid principal balance in excess
of two hundred dollars ($200) but less than one thousand five hundred dollars ($1,500). (b)
Account maintenance fee. In addition to the maximum rate of interest and charges pursuant
to subsection (a), a licensee may enter into a contract of loan under this chapter in which
the borrower agrees to pay an account maintenance fee of not more than three dollars ($3)
for each month of the scheduled period of repayment of the loan provided that the scheduled
monthly payments are equal to or greater than thirty dollars ($30). Such...
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27-17A-33
Section 27-17A-33 Rights of purchaser; cancellation of contract; revocability. (a) A purchaser,
by providing written notice to the certificate holder, may cancel a preneed contract within
30 days of the date that the contract was executed provided that the funeral merchandise and
funeral services have not yet been used. Upon providing the notice, the purchaser shall be
entitled to a complete refund of the amount paid, except for the amount allocable to any funeral
merchandise or funeral services that have been used, and shall be released from all obligations
under the contract. This subsection shall apply to all items that are purchased as part of
a preneed contract. (b) After 30 days from the date the preneed contract was executed, a purchaser,
by providing written notice to the certificate holder, may cancel the funeral services, funeral
merchandise, facilities, and cash advance items portions of a preneed contract at any time,
and shall be entitled to the refund defined in the...
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15-13-152
Section 15-13-152 Qualification for property bail. The qualifications for property bail are
that each surety be a resident of the state, and an owner of real property therein, and that
any property pledged shall be worth, exclusive of all encumbrances and homestead exemptions
presently against the property, the amount expressed in the appearance bond. Any proper approving
officer, in approving property bail, may allow more than one person to justify severally as
bail in amounts less than that expressed in the appearance bond, provided the whole be equivalent
to the amount in the appearance bond. The worth shall not be determined by the assessed value
of the property but shall be calculated, determined, and evaluated in the manner set forth
in the affidavit described in part (A) of this section. If the property owner(s) claim a homestead
exemption in the affidavit then they shall also execute the waiver of a homestead exemption
form as provided in part (B) below. The affidavit shall be...
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27-17A-11.1
Section 27-17A-11.1 Report of preneed contract activity; written logs. (a) On a semi-annual
basis, within 45 days after the end of each second calendar reporting period, the certificate
holder shall file a report of its preneed contract activity on a form or in a format prescribed
by the commissioner. The information reported shall include the total number of preneed contracts
in force at the end of the previous reporting period, the total number of preneed contracts
sold during the reporting period, the total number of preneed contracts fulfilled during the
reporting period, the total number of preneed contracts in force at the end of the reporting
period, and such other information as may be required by the commissioner. The report shall
be organized by type of funding including, life insurance, trust, letter of credit, or surety
bond. The report shall also provide a certification by the trustee of the amount of assets
held by the trust at the beginning of the reporting period and at...
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39-2-4
Section 39-2-4 Filing of guaranties by bidders; prequalification procedures and criteria; responsibility
of prequalified bidders; revocation of prequalification; rejection of bidder. (a) The bidder
shall be required to file with his or her bid either a cashier's check drawn on an Alabama
bank or a bid bond executed by a surety company duly authorized and qualified to make such
bonds in the State of Alabama, payable to the awarding authority for an amount not less than
five percent of the awarding authority's estimated cost or of the contractor's bid, but in
no event more than ten thousand dollars ($10,000), except if the awarding authority is the
Department of Transportation, then the bid guarantee shall not be more than fifty thousand
dollars ($50,000). The bid guaranties as provided in this section shall constitute all of
the qualifications or guaranty to be required of contractors as prerequisites to bidding for
public works, except as required by the State Licensing Board for...
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11-50A-9
Section 11-50A-9 Issuance of bonds; prerequisites; procedure; provisions; execution; bond resolution
covenants. (a) The authority shall, prior to the adoption by the board of a resolution authorizing
the issuance of any bonds, enter into one or more contracts with two or more municipalities
which are authorized to contract with the authority pursuant to Section 11-50A-17. Any resolution
of the board authorizing the issuance of bonds may authorize those bonds to be issued in more
than one series, and the issuance of each series of bonds so authorized by that resolution
need not be preceded by the entering into by the authority of additional contracts pursuant
to Section 11-50A-17. (b) The board may by resolution or resolutions authorize the issuance
of bonds. Unless otherwise provided therein, the resolution or resolutions shall take effect
immediately and need not be published or posted. The board may authorize such types of bonds
as it may determine, subject only to any agreement with...
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