367.948 Records of registrants.
Every registrant shall keep and maintain adequate records, including, but not limited to, <br>the following: <br>(1) A cash receipts journal, or its equivalent, listing moneys received in chronological
order. The journal shall contain dates of all such moneys received, amounts <br>received, and identification of the purchasers;
(2) A cash disbursement journal, or its equivalent, containing the same information as
required by subsection (1) of this section for moneys disbursed; if a separate bank <br>account is kept exclusively for any such funds, the checkbook could be used as a <br>cash disbursement journal;
(3) A "reconciliation" done at least once every twelve (12) months. The reconciliation
shall indicate the beginning balance in the trust account, payments received during <br>the period, interest earned during the period, disbursements during the period, and <br>the ending balance for the period. The ending balance for each period is determined <br>as follows: <br>
Beginning balance
+ Payments received
+ Interest
- Disbursements
Ending Balance
(4) All contracts, sales, trust fund, and accounting records of the registrant shall be
readily available at the registrant's principal place of business in this state at <br>reasonable times for examination by an authorized representative of the Attorney <br>General's office;
(5) (a) The necessary expenses of any reasonable examination made pursuant to this
section shall be paid by the registrant; but in no case shall the Attorney <br>General or his authorized representatives be paid more than the actual <br>expenses of such examination, not to exceed the lesser of the following <br>amounts: one hundred dollars ($100) per day for each auditor or five dollars <br>($5) for each registrant's sales contract examined. In any event, the cost of <br>such examination shall not exceed a total of one thousand two hundred fifty <br>dollars ($1,250) during any twelve (12) month period;
(b) The registrant may pay for this expense using interest moneys which have
accrued on the registrant's existing cemetery merchandise trust fund accounts <br>or preconstruction trust fund account or perpetual care account. Any <br>withdrawal of interest for this purpose shall be taken as a pro rata share of all <br>of the trust fund accounts. The Attorney General shall be advised in writing by <br>the registrant when interest moneys are the source of payment and shall <br>receive written certification from the financial institution or registrant that the <br>withdrawal was a pro rata share;
(6) This section shall apply to examinations of all registrant's contracts.
Effective: July 14, 1992
History: Amended 1992 Ky. Acts ch. 305, sec. 4, effective July 14, 1992. -- Created
1984 Ky. Acts ch. 116, sec. 11, effective July 13, 1984.
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