ORS 97.929
Exceptions to ORS 97.923 to 97.949
(1)
The provisions of ORS 97.923 (Definitions for ORS 97.923 to 97.949) to 97.949 (Notification by director to appropriate federal, state or local law enforcement officer of violation of ORS 97.923 to 97.949), 97.992 (Penalties for ORS 97.937), 97.994 (Penalties for ORS 97.931, 97.933, 97.941 and 97.943) and 692.180 (Grounds for revocation, suspension or refusal to issue or renew licenses or certificates) do not apply to:(a)
Agreements to sell or sales of graves, crypts or niches where such graves, crypts or niches are in existence at the time of the sale or agreement to sell and are located in an endowment care cemetery as defined in ORS 97.810 (Endowment care and nonendowed care cemeteries).(b)
Agreements to sell or sales of crypts or niches where such crypts or niches are not in existence at the time of the sale or agreement to sell and are to be located in an endowment care cemetery, provided that:(A)
Thirty-five percent of the sales price of each crypt or niche described in this paragraph is deposited in accordance with the provisions of ORS 97.937 (Deposit of trust funds made by endowment care cemeteries); or(B)
Such endowment care cemetery deposits a bond with a corporate surety authorized to do business in this state, or an irrevocable letter of credit issued by an insured institution, as defined in ORS 706.008 (Additional definitions for Bank Act). The bond or letter of credit shall be in an amount equal to 35 percent of the total sales price of all crypts or niches described in this paragraph that have been sold by the endowment care cemetery and that have not yet been completed.(c)
Agreements to sell or sales of burial vaults or markers for installation in an endowment care cemetery, provided that:(A)
Sixty-six and two-thirds percent of the sale price of such vaults or markers is deposited in accordance with the provisions of ORS 97.937 (Deposit of trust funds made by endowment care cemeteries);(B)
Such endowment care cemetery is at the time of the sale or agreement to sell and for not less than 24 months before such sale or agreement has been in continuous operation as an endowment care cemetery and has assumed the obligation to supply and install the vault or marker and maintain it as part of its endowment care program; and(C)
Such endowment care cemetery deposits with the Director of the Department of Consumer and Business Services:(i)
A bond in a form approved by the director in the amount of $10,000 issued by a corporate surety authorized to do business in this state; or(ii)
An irrevocable letter of credit in a form approved by the director in the amount of $10,000 issued by an insured institution, as defined in ORS 706.008 (Additional definitions for Bank Act).(2)
Notwithstanding the exception provided in subsection (1) of this section, a person who would otherwise have a claim against a certified provider, a master trustee or a salesperson under the provisions of ORS 97.923 (Definitions for ORS 97.923 to 97.949) to 97.949 (Notification by director to appropriate federal, state or local law enforcement officer of violation of ORS 97.923 to 97.949) or ORS chapter 692 shall have a right against the bond or letter of credit described in subsection (1)(b) and (c) of this section. [Formerly 128.412; 2003 c.271 §1](2)
An endowment care cemetery that deposited a bond or an irrevocable letter of credit under the provisions of ORS 128.412 (2)(b) (1997 Edition) before the effective date of this 1999 Act must continue to maintain the bond or irrevocable letter of credit in the amount provided by ORS 128.412 (2)(b) (1997 Edition) until such time as all the crypts and niches that were part of the development covered by the bond or letter of credit are completed. Any endowment care cemetery that maintains a bond or letter of credit pursuant to this subsection is not required to maintain a bond or letter of credit in the amount required by ORS 128.412 (2)(b) [renumbered 97.929 (Exceptions to ORS 97.923 to 97.949) (2)(b)], as amended by section 1 of this 1999 Act, for the purpose of crypts and niches located in the development covered by the bond or letter of credit maintained under the provisions of this subsection, but the endowment care cemetery must maintain a bond or letter of credit in the amount required by ORS 128.412 (2)(b) [renumbered 97.929 (Exceptions to ORS 97.923 to 97.949) (2)(b)], as amended by section 1 of this 1999 Act, for sales of, and agreements to sell, crypts or niches located in any development commenced on or after the effective date of this 1999 Act. [1999 c.68 §2]
Source:
Section 97.929 — Exceptions to ORS 97.923 to 97.949, https://www.oregonlegislature.gov/bills_laws/ors/ors097.html.
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