Bill
Bill > S1869
NJ S1869
Establishes minimum dollar amount required in Maintenance and Preservation Funds of cemetery companies established before December 1, 1971.
summary
Introduced
01/09/2024
01/09/2024
In Committee
01/09/2024
01/09/2024
Crossed Over
Passed
Dead
Introduced Session
2024-2025 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 does not set a minimum for these older cemetery companies, unlike those established after December 1, 1971 which are required to have a $75,000 initial deposit. The bill also requires any funds exceeding the $37,500 minimum to 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 01/09/2024)
Official Document
bill text
bill summary
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bill summary
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bill summary
| Document Type | Source Location |
|---|---|
| State Bill Page | https://www.njleg.state.nj.us/bill-search/2024/S1869 |
| BillText | https://pub.njleg.gov/Bills/2024/S2000/1869_I1.HTM |
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