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(225 ILCS 45/1b) (from Ch. 111 1/2, par. 73.101b)
Sec. 1b.
(a) Whenever a seller receives sales proceeds under a pre-need
contract that the purchaser elects to fund by a trust agreement, the seller may
retain an initial amount equal to 5% of the purchase price of the services,
personal property or merchandise, or 15% of the purchase price of outer burial
containers. Thereafter, a seller shall deposit into trust the amounts specified
in this Section so that no later than upon the final payment on the contract,
the trust shall equal or exceed 95% of the purchase price of all services,
personal property, or merchandise, except for outer burial containers, and 85%
of the purchase price of outer burial containers.
(b) In the event that sales proceeds to be deposited into a trust are
received pursuant to a cash sale or an installment contract, the seller
may retain the initial percentage authorized by subsection (a) of this Section, and thereafter shall deposit into
the trust the entire balance of sales proceeds received.
(c) In the event that the deposits into a trust required by this Section do
not, after final payment by the consumer, result in the trust containing at
least 95% of the purchase price of all services, personal property or merchandise,
except for outer burial containers and 85% of the purchase price of outer
burial containers, the seller shall make an additional deposit into the trust
in an amount sufficient to meet these percentages.
(d) The trustee may not be the seller or provider of funeral services or
merchandise.
(Source: P.A. 96-879, eff. 2-2-10.)
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