Bill
Bill > S2031
NJ S2031
Establishes minimum dollar amount required in Maintenance and Preservation Funds of cemetery companies established before December 1, 1971.
summary
Introduced
03/16/2020
03/16/2020
In Committee
03/16/2020
03/16/2020
Crossed Over
Passed
Dead
01/11/2022
01/11/2022
Introduced Session
2020-2021 Regular Session
Bill Summary
This bill sets the minimum dollar amount a cemetery company must retain in its Maintenance and Preservation Fund at $37,500 if that company was established before December 1, 1971. Current law requires such cemetery companies to transfer into their Maintenance and Preservation Funds any funds established for the maintenance and preservation of the cemetery and any additional amount set by the New Jersey Cemetery Board. However, current law does not set a minimum dollar amount these cemeteries are required to retain in their Maintenance and Preservation Funds, as it does for cemetery companies established after December 1, 1971. Additionally, the bill requires that any funds exceeding the $37,500 minimum must be applied towards the maintenance and preservation of the cemetery.
AI Summary
This bill sets the minimum dollar amount a cemetery company established before December 1, 1971 must retain in its Maintenance and Preservation Fund at $37,500. Current law requires such companies to transfer any funds established for the maintenance and preservation of the cemetery, as well as any additional amount set by the New Jersey Cemetery Board, into the Maintenance and Preservation Fund, but does not specify a minimum amount that must be retained. The bill also requires that any funds exceeding the $37,500 minimum be applied towards the maintenance and preservation of the cemetery.
Committee Categories
Business and Industry
Sponsors (1)
Last Action
Introduced in the Senate, Referred to Senate Commerce Committee (on 03/16/2020)
bill text
bill summary
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bill summary
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bill summary
| Document Type | Source Location |
|---|---|
| BillText | https://www.njleg.state.nj.us/2020/Bills/S2500/2031_I1.HTM |
| Bill | https://www.njleg.state.nj.us/2020/Bills/S2500/2031_I1.PDF |
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