LRB-4278/1
JEO&TNF:skg:km
1995 - 1996 LEGISLATURE
January 22, 1996 - Introduced by Representatives Wasserman, Walker, Plache,
Powers and Lorge, cosponsored by Senators Darling and Moen. Referred to
Committee on Insurance, Securities and Corporate Policy.
AB805,1,2
1An Act to amend 157.11 (9g) (a) 1. c. of the statutes;
relating to: the deposit and
2investment of cemetery care funds.
Analysis by the Legislative Reference Bureau
Under current law, care funds for cemetery lots that are received by a person
who owns or operates a cemetery lot (cemetery authority) are required to be
deposited by the cemetery authority in an investment approved by the department
of regulation and licensing (DORL) if the funds are not deposited with and invested
by a financial institution or the treasurer of the city or county in which the cemetery
is located. Care funds for cemetery lots that are deposited by a cemetery authority
in an approved investment must be segregated and invested separately from all
other moneys received by the cemetery authority.
This bill eliminates the requirement that DORL approve the investment of care
funds that are not deposited in a financial institution or with a city or county
treasurer, and instead specifies that a cemetery authority may invest care funds for
cemetery lots in investments that are considered prudent under the "prudent person
rule", which imposes prudent investment requirements. The rule requires a
fiduciary to exercise such judgment and care in the management of funds as a
prudent person exercises in the management of his or her own affairs.
For further information see the state fiscal estimate, which will be printed as
an appendix to this bill.
The people of the state of Wisconsin, represented in senate and assembly, do
enact as follows:
AB805, s. 1
3Section
1. 157.11 (9g) (a) 1. c. of the statutes is amended to read:
AB805,2,34
157.11
(9g) (a) 1. c. If not invested as provided in subd. 1. a. or b., otherwise
5deposited by the cemetery authority in an investment approved by the department
1invested within the limits of standards contained in s. 881.01, if the care funds are
2segregated and invested separately from all other moneys held by the cemetery
3authority.
