2009 Iowa Code
Title 13 - Commerce
Subtitle 1 - Insurance and Related Regulation
CHAPTER 523A - CEMETERY AND FUNERAL MERCHANDISE AND FUNERAL SERVICES
523A.202 - TRUST FUND DEPOSIT REQUIREMENTS.

        523A.202  TRUST FUND DEPOSIT REQUIREMENTS.
         1.  All funds held in trust pursuant to section 523A.201 shall be
      deposited in a financial institution within fifteen days following
      receipt of the funds.  The financial institution shall hold the funds
      for the designated beneficiary until released.
         2.  All funds required to be deposited by the purchaser or the
      seller for a purpose described in section 523A.201 shall be deposited
      consistent with one of the following methods:
         a.  The payments shall be deposited directly into an
      interest-bearing burial account in the purchaser's name.
         b.  The purchaser or the seller shall deposit payments
      directly into a separate trust account in the purchaser's name.  The
      account may be made payable to the seller upon the death of the
      purchaser or the designated beneficiary, provided that, until death,
      the purchaser retains the exclusive power to hold, manage, pledge,
      and invest the trust account funds and may revoke the trust and
      withdraw the funds, in whole or in part, at any time during the term
      of the agreement.
         c.  The purchaser or the seller shall deposit payments
      directly into a separate trust account in the name of the purchaser,
      as trustee, for the named beneficiary, to be held, invested, and
      administered as a trust account for the benefit and protection of the
      beneficiary.  The depositor shall notify the financial institution of
      the existence and terms of the trust, including at a minimum, the
      name of each party to the agreement, the name and address of the
      trustee, and the name and address of the beneficiary.  The account
      may be made payable to the seller upon the beneficiary's death.
         d.  The payments shall be deposited in the name of the
      trustee, as trustee, under the terms of a master trust agreement and
      the trustee may invest, reinvest, exchange, retain, sell, and
      otherwise manage the trust fund for the benefit and protection of the
      named beneficiary.
         3.  The commissioner may by rule authorize other methods of
      deposit upon a finding that such methods provide equivalent safety of
      the principal and interest or income and the seller lacks access to
      the proceeds prior to performance.
         4.  This section does not prohibit moving trust funds from one
      financial institution to another if the commissioner is notified of
      the change within thirty days of the transfer of the trust funds.  

         2001 Acts, ch 118, §20; 2002 Acts, ch 1119, §79; 2007 Acts, ch
      175, §9; 2009 Acts, ch 145, §53
         Referred to in § 523A.201, 523A.405, 523A.807