Illinois Administrative Code › Title 38 - FINANCIAL INSTITUTIONS › Part 610 - ILLINOIS FUNERAL OR BURIAL FUNDS ACT › Section 610.30 - Definitions

Current through Register Vol. 48, No. 28, July 12, 2024
For the purposes of this Part, the following definitions shall
				apply:
"Act", the Illinois Funeral or Burial Funds Act [225 ILCS 45
				].
"Contract Beneficiary", the person specified in the pre-need
				contract upon whose death funeral services or merchandise shall be provided or
				delivered. [225 ILCS 45/1a
				]
"Funeral Goods, Funeral Merchandise, or Funeral Services",
				those services and items of merchandise the pre-need sale of which is governed
				by the Illinois Funeral or Burial Funds Act.
"Income", amounts earned through investments or
				interest.
"Licensee", a seller of a pre-need contract who has been
				licensed by the Comptroller. [225 ILCS 45/1a]
"Parent Company", a corporation owning more than 12 cemeteries
				or funeral homes in more than one state. [225 ILCS
				45/1a ]
"Pre-need Contract", any agreement or contract, or any series
				or combination of agreements or contracts, whether funded by trust deposits or
				life insurance policies or annuities, which has for a purpose the furnishing or
				performance of funeral services or the furnishing or delivery of any personal
				property, merchandise, or services of any nature in connection with the final
				disposition of a dead human body. [225 ILCS
				45/1 a]
"Provider", a person who is obligated for furnishing or
				performing funeral services or the furnishing or delivery of any personal
				property, merchandise or services of any nature in connection with the final
				disposition of a dead human body. [225 ILCS 45/1 a]
"Purchaser", the person who provides for the payment of money
				under or in connection with a pre-need contract. [225 ILCS 45/1a]
"Sales Proceeds", the entire amount paid to a seller, exclusive
				of sales taxes paid by the seller, finance charges paid by the purchaser, and
				credit life, accident or disability insurance premiums, upon any agreement or
				contract, or series or combination of agreements or contracts, for the purpose
				of performing funeral services or furnishing personal property, merchandise, or
				services of any nature in connection with the final disposition of a dead human
				body, including, but not limited to, the retail price paid for such services
				and personal property and merchandise. [225 ILCS 45/1a]
"Seller", the person who sells or offers to sell the pre-need
				contract to a purchaser, whether funded by a trust agreement, life insurance
				policy, or tax-deferred annuity. [225 ILCS 45/1a]
"Trustee", a person authorized to hold funds under the Act.
				[225 ILCS 45/1a]
"Trust Funds", all sales proceeds, including interest earned
				thereon, paid to any person, partnership, association or corporation upon any
				agreement or contract, or any series or combination of agreements or contracts,
				which has for a purpose the furnishing or performance of funeral services, or
				the furnishing or delivery of any personal property, merchandise, or services
				of any nature in connection with the final disposition of a dead human body,
				including, but not limited to, outer burial containers, urns, combination
				casket-vault units, caskets and clothing, for future use at a time determined
				by the death of the person or persons whose body or bodies are to be disposed
				of. [225 ILCS 45/1]