The Florida Senate

497.436  Inactive and revoked certificateholders.--

(1)  A certificateholder shall be considered inactive upon the acceptance of the surrender of its license by the board or upon the nonreceipt by the board of the certificate of authority renewal application and fees required by s. 497.213(2).

(2)  A certificateholder shall cease all preneed sales to the public upon becoming inactive. The certificateholder shall collect and deposit into trust all of the funds paid toward preneed contracts sold prior to becoming inactive.

(3)  Any certificateholder desiring to surrender its license to the board shall first:

(a)  File notice with the board.

(b)  Submit copies of its existing trust agreements.

(c)  Submit a sample copy of each type of preneed contract sold.

(d)  Resolve to the board's satisfaction all findings and violations resulting from the last examination conducted.

(e)  Pay all outstanding fines and invoices due the board.

(f)  Submit its current certificate of authority.

(4)  Upon receipt of the notice, the board shall review the certificateholder's:

(a)  Trust funds.

(b)  Trust agreements.

(c)  Evidence of all outstanding preneed contracts.

(5)  After a review to the board's satisfaction, the board shall terminate the certificate of authority by an order which shall set forth the conditions of termination established by the board to ensure that the preneed funds will be available for their intended purpose.

(6)  The trust fund of the certificateholder shall be held intact and in trust after the certificateholder has become inactive, and the funds in that trust shall be disbursed in accordance with the requirements of the written contracts until the funds have been exhausted.

(7)  The board shall continue to have jurisdiction over the inactive certificateholder as if the certificate were active and to require such reports and inspect such records as the board deems appropriate so long as there are funds in trust or preneed contracts that are not fulfilled.

(8)  In addition to any other terms of revocation or suspension ordered pursuant to s. 497.233, the provisions of this section shall also apply, unless the provisions of the suspension or revocation order specifically provide otherwise.

History.--s. 27, ch. 96-400.