An Act To Permit Funds for Prearranged Funerals To Be Invested under a Wider Range of Options
Maine Legislature, Session 127, LD 1304
Committee Amendment CA_A_S108 (Senate)

FmST REGULAR SESSION 
COMMITTEE AMENDMENT " A " to S.P. 469, L.D. 1304, Bill, "An Act To 
Permit Funds for Prearranged Funerals To Be Invested under a Wider Range of Options" 
Amend the bill by striking out the title and substituting the following: 
'Resolve, To Study Expanding the Permissible Investments for Prearranged Funeral 
Funds' 
Amend the bill by striking out everything after the title and before the summary and 
inserting the following: 
'Sec. 1. Task force established. Resolved: That, notwithstanding Joint Rule 
353, the Task Force To StUdy Expanding the Permissible Investments for Prearranged 
Funeral Funds, referred to in this resolve as "the task force," is established; and be it 
further 
Sec. 2. Task force membership. Resolved: 
That the task force consists of 11 
members appointed as follows: 
1. The Senate chair of the Joint Standing Committee on Insurance and Financial 
Services; 
2. Two members of the Senate, appointed by the President of the Senate, including 
members from each of the 2 parties holding the largest number of seats in the Legislature; 
3. The House chair of the Joint Standing Committee on Insurance and Financial 
Services; 
4. Two members of the House of Representatives, appointed by the Speaker of the 
House, including members from each of the 2 parties holding the largest number of seats 
in the Legislature; 
5. 
An independent professional investment advisor who is a certified financial 
planner, appointed by the Governor; 
6. A member of a statewide association of independent funeral directors, appointed 
by the Governor; 
COMMITTEE AMENDMENT 
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COMMITTEE AMENDMENT" A "to S.P. 469, L.D. 1304 
7. A representative of corporate-owned funeral homes doing business in this State, 
appointed by the Governor; 
8. A member of a statewide association representing financial institutions, appointed 
by the Governor; and 
9. A member of a statewide association of credit unions, appointed by the Governor; 
and be it further 
Sec. 3. Chairs. Resolved: That the first-named Senate member is the Senate 
chair and the first-named House of Representatives member is the House chair of the task 
force; and be it further 
Sec. 4. 
Appointments; convening of task force. 
Resolved: 
That all 
appointments must be made no later than 30 days following the effective date of this 
resolve. The appointing authorities shall notify the Executive Director of the Legislative 
Council once all appointments have been completed. After appointment of all members, 
the chairs shall call and convene the first meeting of the task force. If 30 days or more 
after the effective date of this resolve a majority of but not all appointments have been 
made, the chairs may convene the task force to meet and conduct its business; and be it 
further 
Sec. 5. Duties. Resolved: That the task force shall study the mortuary trust 
investments allowed under current law and advise the Legislature of the appropriate 
standards to be imposed on mortuary trust investments to best protect individuals who 
pay money into a trust both to protect a trust's corpus and to ensure reasonable investment 
opportunities to allow that trust to grow. The task force shall study the following issues: 
1. The current forms of mortuary trust investment; 
2. How current forms of mortuary trust investment have changed since the inception 
of statutory investment requirements; 
3. The manner in which other states regulate mortuary trust investments; 
4. The manner in which the Maine Public Employees Retirement System makes 
investments for comparison purposes; 
5. An analysis of the benefits, if any, to consumers of an expansion of the types of 
mortuary trust investments available under current law; 
6. An evaluation of the merits of making changes to the mortuary trust investment 
standards; and 
7. Such other issues as the task force considers appropriate; and be it further 
Sec. 6. Meetings. Resolved: That meetings of the task force must be conducted 
in public in accordance with the Maine Revised Statutes, Title 1, chapter 13. The task 
force shall provide notice of its meetings to the Joint Standing Committee on Insurance 
and Financial Services; and be it further 
Sec. 7. Staff assistance. Resolved: That the Legislative Council shall provide 
necessary staffing services to the task force; and be it further 
COMMITTEE AMENDMENT 
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COMMITTEE AMENDMENT" A "to S.P. 469, L.D. 1304 
Sec. 8. Report. Resolved: That, no later than December 2, 2015, the task force 
shall submit a report that includes its fmdings and recommendations, including suggested 
legislation, to the Joint Standing Committee on Insurance and Financial Services. The 
committee may present legislation regarding the report to the Second Regular Session of 
the 127th Legislature.' 
SUMMARY 
This amendment is the minority report of the committee. This amendment replaces 
the bill and changes it into a resolve. The amendment establishes a task force to study 
expanding the permissible investments for prearranged funeral funds. The task force 
comprises 11 members, including 6 Legislators, representatives of independently owned 
and corporate-owned funeral homes, financial institutions and credit unions and a 
financial advisor. 
The amendment requires the task force to report back to the 
Legislature before the Second Regular Session of the 127th Legislature. 
The Joint 
Standing Committee on Insurance and Financial Services may report out a bill based on 
the task force's recommendations. 
FISCAL NOTE REQUIRED 
(See attached) 
COMMITTEE AMENDMENT 
Approved: 05114/15 
Mac:.. 
LD 1304 
LR 1443(02) 
An Act To Permit Funds for Prearranged Funerals To Be Invested under a Wider Range of Options 
Fiscal Note for Bill as Amended by Committee Amendment "A"(S-IO~) 
Committee: Insurance and Financial Services 
Fiscal Note Required: Yes 
Fiscal Note 
Legislative Cost/Study 
Legislative Cost/Study 
The general operating expenses of this study are projected to be $3,250 in fiscal year 2015-16. The Legislature'S 
proposed budget includes $10,000 in fiscal year 2015-16 for legislative studies. Whether that amount is sufficient to 
fund all studies will depend on the number of studies authorized by the Legislative Council and the Legislature. If 
more than 4 meetings are held during the interim the estimated cost for each additional meeting is projected to be 
$750 per meeting for legislative per diem and expenses. The additional costs of providing staffing assistance to the 
study during the interim can be absorbed utilizing existing budgeted staff resources. 
LRI443(02) - Fiscal Note - Page 1 of 1