Louisiana Administrative Code › Title 46 - PROFESSIONAL AND OCCUPATIONAL STANDARDS › Part XIII - Cemetery Industry › Chapter 1 - General Provisions › Section XIII-103 - Definitions

Current through Register Vol. 50, No. 6, June 20, 2024
A. There is incorporated herein by reference all of the
				  definitions set forth and contained in
				  R.S.
				  49:950 et seq., and in title 8, Louisiana
				  Revised Statutes. The following words and terms, when used in these rules,
				  shall have the following meanings.
Administrative Procedure Act
-R.S.
				  49:950 et seq., as the same may from
				  time-to-time be amended.
Board
-the Louisiana Cemetery
Board
.
Derivative and Hedge Transactions
or
Investments
-an agreement, option or instrument, or any series
				  or combination thereof, to make or take delivery of, or assume or relinquish, a
				  specified amount of one or more underlying interests, or instead to make a cash
				  settlement, or that has a price, yield, level, performance, value, or cash flow
				  which is based primarily on that of one or more underlying interest. The term
				  includes, but is not limited to, options (calls and puts), not otherwise
				  permitted to be held by a trust under the provisions of title 8 or these rules,
				  and any other substantially similar instruments. The term does not include a
				  collateralized mortgage obligation, another asset-backed security, a
				  principal-protected structured security, a floating rate security, an
				  instrument that a trust is otherwise permitted to invest in or receive by a
				  trust under the provisions of title 8 and these rules.
Fair Market Value
-the undiscounted price of
				  a comparable cemetery space, right of interment, merchandise, service, or
				  product in the same cemetery.
Gross Sales Price Received
-the price of a
				  cemetery space, a right of interment, merchandise, service, or product before
				  the application of any discount, rebate, or promotional offer.
Interment Space
-cemetery space as that term
				  is defined in
				  R.S.
				  8:1.
Located in Louisiana
-registered with the
				  Louisiana secretary of state to do business in Louisiana.
Non-willful Violation
-an unintentional or
				  negligent error resulting in a violation of title 8 or the rules of the board.
				  A
non-willful violation
is one that represents a failure to
				  exercise the degree of care that someone of ordinary prudence would have
				  exercised in the same circumstances.
Other Property Used or Intended to be Used for the
				  Interment of Human Remains
-shall include, but not be limited
				  to:
a. cremation benches;
b. cremation boulders;
c. memorial niches;
d. copings; or
e. other property that encloses or contains human
				  remains.
Presiding Officer
-the chair of the Louisiana
				  Cemetery Board or a member of the Louisiana Cemetery Board appointed to preside
				  over a proceeding to be conducted by the board.
Title 8
or
Louisiana Cemetery
				  Act
-the Louisiana Revised Statutes,
title 8
, less and
				  except the Louisiana Unmarked Human Burial Sites Preservation Act, as that law
				  may from time-to-time be amended.
Trust Account
-for purposes of
				  R.S.
				  8:412(B)(1) only and for no
				  other purpose, an escrow account, established by an abandoned cemetery sales
				  and management licensee. The funds contained therein, shall not be the property
				  of the abandoned cemetery sales and management licensee and must be used solely
				  in accordance with
				  R.S.
				  8:412(B)(1) and for no other
				  purposes.
Wholesale Cost
-the price, exclusive of any
				  discounts or rebates, paid to a supplier, vendor, or manufacturer for
				  merchandise or personal property.
Willful Violation
-a knowing, voluntary, or
				  intentional violation of title 8 or the rules of the board.
AUTHORITY NOTE:
				  Promulgated in accordance with
				  R.S.
				  8:67.