| (D) the face amount of the prepaid funeral contract;
(E) total finance charges payable under the contract,
if any;
(F) total retention allowable under the contract, if
any;
(G) beginning contract balance;
(H) amounts paid on the contract itemized to reflect
retention, finance charges and principal paid with individual cumulative
totals;
(I) earnings on deposits, if any; and
(J) total amount of the trust; and
(5) a control ledger for all purchasers, balanced at
least quarterly to the principal total and contract count total of
the individual ledgers and in total to the records of the trustee/depository,
reflecting:
(A) the net cumulative total of outstanding contracts;
(B) deposits of payments;
(C) withdrawal of payments;
(D) net amount of payments on deposit;
(E) earnings of deposit accounts;
(F) earnings withdrawn on deposit accounts; and
(G) net amount of earnings.
(f) Exceptions.
(1) With respect to contracts sold prior to the effective
date of this section, a permit holder will not violate this section
if it cannot produce records required under this section which were
not previously required by statute or rule.
(2) A permit holder may apply to the commissioner for
an exception to the requirements of this section. An exception may
be granted or revoked for good cause only by prior written direction
of the commissioner.
(g) Relocation of Records. Prior to changing the location
where required records are maintained or where the examination is
to be performed pursuant to §154.053(a) of the Texas Finance
Code, a permit holder must notify the department, specifying the new
address in writing, and, if the change in location requires the granting
of an exception, comply with subsection (f)(2) of this section before
required records are moved to the new location. The commissioner may
revoke approval of a records location if the commissioner determines
that such action is necessary to effectively regulate the permit holder
and examine the records.
(h) Maintenance of Files. Documents and records required
to be maintained under this section must be filed within thirty days
of receipt. Cash received must be posted within 30 days of receipt,
and cash withdrawn on death maturity must be posted within 30 days
of the actual withdrawal.
(i) Disaster recovery plan. If required records are
maintained electronically, the permit holder must provide evidence
of a disaster recovery plan, including documentation to substantiate
periodic testing and test results, including offsite data storage
capabilities regarding all records and documentation related to prepaid
contracts.
|
