2009 Iowa Code
Title 13 - Commerce
Subtitle 1 - Insurance and Related Regulation
CHAPTER 523I - IOWA CEMETERY ACT
523I.312 - DISCLOSURE REQUIREMENTS -- INTERMENT AGREEMENTS.

        523I.312  DISCLOSURE REQUIREMENTS -- INTERMENT
      AGREEMENTS.
         1.  Each nonperpetual care cemetery shall have printed or stamped
      at the head of all of its contracts, deeds, statements, letterheads,
      and advertising material, the legend:  "This is a nonperpetual care
      cemetery", and shall not sell any lot or interment space in the
      cemetery unless the purchaser of the interment space is informed that
      the cemetery is a nonperpetual care cemetery.
         2.  An agreement for interment rights under this chapter shall be
      written in clear, understandable language and do all of the
      following:
         a.  Identify the seller and purchaser.
         b.  Identify the salesperson.
         c.  Specify the interment rights to be provided and the cost
      of each item.
         d.  State clearly the conditions on which substitution will be
      allowed.
         e.  Set forth the total purchase price and the terms under
      which it is to be paid.
         f.  State clearly whether the agreement is revocable or
      irrevocable, and if revocable, which parties have the authority to
      revoke the agreement.
         g.  State the amount or percentage of money to be placed in
      the cemetery's care or maintenance fund.
         h.  If the cemetery has a care fund, set forth an explanation
      that the care fund is an irrevocable trust, that deposits cannot be
      withdrawn even in the event of cancellation, and that the trust's
      income shall be used by the cemetery for its care.
         i.  Set forth an explanation of any fees or expenses that may
      be charged.
         j.  Set forth an explanation of whether amounts for perpetual
      care will be deposited in trust upon payment in full or on an
      allocable basis as payments are made.
         k.  Set forth an explanation of whether initial payments on
      agreements for multiple items of funeral and cemetery merchandise or
      services, or both, will be allocated first to the purchase of an
      interment space.  If such an allocation is to be made, the agreement
      shall provide for the immediate transfer of such interment rights
      upon payment in full and prominently state that any applicable trust
      deposits under chapter 523A will not be made until the cemetery has
      received payment in full for the interment rights.  The transfer of
      an undeveloped interment space may be deferred until the interment
      space is ready for interment.
         l.  If the transfer of an undeveloped interment space will be
      deferred until the interment space is ready for interment as
      permitted in paragraph "k", the agreement shall provide for some
      form of written acknowledgement upon payment in full, specify a
      reasonable time period for development of the interment space,
      describe what happens in the event of a death prior to development of
      the interment space, and provide for the immediate transfer of the
      interment rights when development of the interment space is complete.

         m.  Specify the purchaser's right to cancel and the damages
      payable for cancellation, if any.
         n.  Include an explanation of regulatory oversight by the
      insurance division in twelve point boldface type, in substantially
      the following language:

        THIS AGREEMENT IS SUBJECT TO RULES ADMINISTERED BY THE
      IOWA INSURANCE DIVISION.  YOU MAY CALL THE INSURANCE DIVISION WITH
      INQUIRIES OR COMPLAINTS AT (515)281-4441.  WRITTEN INQUIRIES OR
      COMPLAINTS SHOULD BE MAILED TO:  IOWA SECURITIES AND REGULATED
      INDUSTRIES BUREAU, 330 MAPLE STREET, DES MOINES, IOWA 50319.
      

         2005 Acts, ch 128, §34; 2006 Acts, ch 1117, §122