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20-17-1307. Grant payments — Amount.
Arkansas Code — all titles (historical 2020) · legal_authorities
20-17-1307. Grant payments — Amount.
(a) The Insurance Commissioner shall make grant payments under this subchapter from:
(1) Funds appropriated by the General Assembly for that purpose; or
(2) Excess funds transferred under § 20-17-1025 to the Insolvent Cemetery Grant Fund from the Insolvent Cemetery Loan Fund.
(b) The State Board of Embalmers, Funeral Directors, Cemeteries, and Burial Services shall not grant more than thirty-five thousand dollars ($35,000) in a fiscal year to an eligible organization for the care and improvement of a perpetual care cemetery that is insolvent or in financial distress under this subchapter.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 20-17-1307
Stored review status: Historical 2020-11-06 source release; later amendments not reconciled; machine-extracted, not independently legally reviewed; source heading status: text_in_historical_source. A text match is a research starting point; applicability is not established.
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Stable record: arkansas_code:legal_authorities:20-17-1307
Source file: gov.ar.code.title.20.odt
Pages: Not recorded – Not recorded
Passage SHA-256: a2e71da40c785dd019a35f457a1e4db8fda08d3410b8c1e5133fd95c304b3b83
Source location: content.xml paragraph 17117
Stored source content
20-17-1307. Grant payments — Amount.
(a) The Insurance Commissioner shall make grant payments under this subchapter from:
(1) Funds appropriated by the General Assembly for that purpose; or
(2) Excess funds transferred under § 20-17-1025 to the Insolvent Cemetery Grant Fund from the Insolvent Cemetery Loan Fund.
(b) The State Board of Embalmers, Funeral Directors, Cemeteries, and Burial Services shall not grant more than thirty-five thousand dollars ($35,000) in a fiscal year to an eligible organization for the care and improvement of a perpetual care cemetery that is insolvent or in financial distress under this subchapter.
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Arkansas Code — all titles (historical 2020) · legal_authorities
20-17-1025. Protection of cemeteries — Power to lend.
(a) On August 1, 2001, the State Board of Embalmers, Funeral Directors, Cemeteries, and Burial Services shall segregate one hundred eighty thousand dollars ($180,000) within its general operating fund to be known as the Insolvent Cemetery Loan Fund administered by the Insurance Commissioner and only used to lend a court-appointed receiver or conservator the funds necessary to assure that a cemetery will be properly maintained and will continue to be a going concern, including the funds necessary to pay a reasonable surety bond premium that is required to be posted by the court.
(b) The board may take any legal action necessary against a cemetery company, receiver, or conservator to recover funds loaned by the board to or for the benefit of the cemetery, the cemetery company, receiver, or conservator for the payment of maintenance expenses or unpaid loans.
(c) Disbursement from the Insolvent Cemetery Loan Fund for loans to a receiver or conservator shall be made on a “first in, first out” basis as determined by the commissioner.
(d) The commissioner may accept donations to the board from any cemetery company, organization, or individual to fund loans under this section.
(e) The board may waive payment or extend the payment period for a loan made to a receiver or conservator if the board determines that it is unlikely that the receiver or conservator has or will receive sufficient funds to repay the loan and that the funds were or are needed to maintain and operate the cemetery for the benefit of the lot owners and the general public.
(f) Any funds that accumulate in the Insolvent Cemetery Loan Fund in excess of one hundred eighty thousand dollars ($180,000) may at the request of the board be transferred to
Source: Arkansas Code — historical release 78 (November 6, 2020) · 20-17-1025
Stored review status: Historical 2020-11-06 source release; later amendments not reconciled; machine-extracted, not independently legally reviewed; source heading status: text_in_historical_source. The source passage cites 20-17-1025. This identifies an authority to review, not proof of applicability.