2009 Iowa Code
Title 13 - Commerce
Subtitle 1 - Insurance and Related Regulation
CHAPTER 523I - IOWA CEMETERY ACT
523I.805 - INITIAL DEPOSIT.

        523I.805  INITIAL DEPOSIT.
         1.  A cemetery owned or operated by a political subdivision of
      this state is not required to make a minimum initial deposit in a
      care fund.  Any other cemetery commencing business in this state on
      or after July 1, 2005, shall not sell interment spaces unless the
      cemetery has a care fund of at least twenty-five thousand dollars in
      cash.
         2.  If an initial deposit is made by a cemetery to satisfy
      subsection 1, the initial twenty-five thousand dollar deposit may be
      withdrawn by the cemetery when the care fund balance reaches one
      hundred thousand dollars.  An affidavit shall be filed with the
      commissioner providing prior notice of the intended withdrawal of the
      initial deposit and attesting that the money has not previously been
      withdrawn.  Upon a showing by the cemetery that the initial deposit
      has not previously been withdrawn, the commissioner shall approve
      withdrawal of the money and the withdrawal shall take place within
      one year after the care fund balance reaches one hundred thousand
      dollars.  

         2005 Acts, ch 128, §60
         Referred to in § 523I.801