TN Code § 46-1-214 (2021)
2021 Tennessee Code|Title 46 - Cemeteries|Chapter 1 - Regulation of Cemeteries|Part 2 - Financial Management|§ 46-1-214. Trust Account Reports Required — Inspection of Trust Account Records

   Not later than seventy-five (75) days after the end of each of its fiscal years, each cemetery company that engages in sales requiring the establishment of a trust account under this part shall file with the commissioner, on the prescribed form, a report containing:  Beginning balances of deposited funds and accumulated earnings in the trust account;   The deposits to the trust account during the year;   The amount of earnings during the year;   The amounts of the withdrawals of deposits and earnings remaining in trust at the end of the year; and   The aggregate procurement costs, including transportation and labor, of all cemetery merchandise and services sold pre-need and yet to be delivered after the report year end; provided, that deferred or installment payments may be prorated to the extent allowed under § 46-1-207.     The commissioner may require a cemetery company to submit reasonably detailed information in support of any report required under this section.   An additional report shall not be required based on the establishment of trusts pursuant to this title and the Tennessee Prepaid Funeral Benefits Act, compiled in title 62, chapter 5, part 4. In such instance, only one (1) report shall be required.     Not later than seventy-five (75) days after the end of the cemetery company's fiscal year, each trustee appointed under this part shall file with the commissioner, on the prescribed form, a report on each trust account established pursuant to this part. However, an additional report shall not be required based on the establishment of trusts pursuant to this title and the Tennessee Prepaid Funeral Benefits Act. In such instance, only one (1) report shall be required. The report shall contain the following information:  The combined beginning balance of deposits and earnings in trust;   The aggregate amount of deposits received during the report year;   The amount of the earnings added to the trust account during the year;   The aggregate amount of deposits and earnings disbursed during the report year; and   The aggregate amount of the deposits and earnings remaining in trust at the end of the report year.     For late filing of a report required under this section, a cemetery company shall pay a late penalty not to exceed one hundred dollars ($100) for each month or fraction of a month that the report is late. The commissioner is authorized to establish the amount of the late penalty by promulgating rules in accordance with the Uniform Administrative Procedures Act, compiled in title 4, chapter 5. The commissioner may, in extenuating circumstances, grant an extension of time for filing a report and waive the penalty, on receipt of a written request before the report is overdue.   If, on or before the date that a report would otherwise be due, a cemetery company notifies the commissioner that it has delivered all cemetery merchandise and services due for which a trust account was required, the company need not file a report.   The commissioner shall promulgate and may, from time to time, revise rules and regulations for carrying out the intentions of this part, in accordance with the Uniform Administrative Procedures Act.   The commissioner shall require an audit at least once every two (2) years, or more frequently if the commissioner deems it necessary, to ensure that each person, firm, or corporation that offers or enters into a contract for the sale of cemetery merchandise or services under this chapter will be able to perform its contract with the purchaser.   The necessary expenses for any examination pursuant to this section shall be paid by the cemetery company at a rate set by the commissioner.