SENATE AMENDMENT
Bill No. CS for SB 1610
Amendment No. ___ Barcode 303074
CHAMBER ACTION
Senate House
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11 Senator Garcia moved the following amendment:
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13 Senate Amendment (with title amendment)
14 On page 18, line 18, through
15 page 19, line 6, delete those lines
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18 Section 10. Paragraph (a) of subsection (1) of section
19 497.425, Florida Statutes, is amended to read:
20 497.425 Alternatives to deposits under s. 497.417.--
21 (1)(a) As an alternative to the requirements of s.
22 497.417 that relate to trust funds, a certificateholder may
23 purchase a surety bond in an amount not less than the
24 aggregate value of outstanding liabilities on undelivered
25 preneed contracts for merchandise and services, so long as the
26 amount secured by the surety bond does not exceed 50 percent
27 of the sum of the amount maintained in trust pursuant to ss.
28 497.417 and 497.429 and the amount secured pursuant to this
29 section. For the purpose of this section, the term
30 "outstanding liabilities" means the gross replacement or
31 wholesale value of the preneed merchandise and services. The
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4:20 PM 04/24/01 s1610c1c-39r1z
SENATE AMENDMENT
Bill No. CS for SB 1610
Amendment No. ___ Barcode 303074
1 bond shall be made payable to the State of Florida for the
2 benefit of the board and all purchasers of preneed cemetery
3 merchandise or services. The bond must be approved by the
4 board.
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8 And the title is amended as follows:
9 On page 2, lines 8-10, delete those lines
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12 amending s. 497.425, F.S.; revising provisions
13 relating to surety bonds;
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