Download as PDF
367.948 Records of registrants.
Every registrant shall keep and maintain adequate records, including, but not limited
to, the following:
(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 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 account is kept exclusively for any such funds, the checkbook
could be used as a 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 the period, interest earned during the period,
disbursements during the period, and the ending balance for the period. The
ending balance for each period is determined as follows:
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
reasonable times for examination by an authorized representative of the
Attorney 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 General or his authorized representatives be paid more than the
actual expenses of such examination, not to exceed the lesser of the
following amounts: one hundred dollars ($100) per day for each auditor or
five dollars ($5) for each registrant's sales contract examined. In any
event, the cost of such examination shall not exceed a total of one
thousand two hundred fifty 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 or preconstruction trust fund account or perpetual care account.
Any withdrawal of interest for this purpose shall be taken as a pro rata
share of all of the trust fund accounts. The Attorney General shall be
advised in writing by the registrant when interest moneys are the source
of payment and shall receive written certification from the financial
institution or registrant that the 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.
Disclaimer: These codes may not be the most recent version. Kentucky may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.