Okla. Stat. tit. 36, § 36-7127
This is the official text of Okla. Stat. tit. 36, § 36-7127, part of Oklahoma’s Stat. tit. 36, — part of the compiled statutory law of Oklahoma, published by the state as "Stat. tit. 36,." Browse the sections below, each linked to its official government source.
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Surety bond in lieu of trust requirement
Official statutory text
A. As an alternative to the trust requirements of Section 7126
of this title, an organization may purchase a surety bond in an
amount not less than the minimum funding requirement.
B. The surety bond shall be made payable to the State of
Oklahoma for the benefit of the Insurance Commissioner and all
purchasers of prepaid cemetery merchandise. The bond shall be
approved by the Commissioner.
C. The Commissioner may establish by rule the requirements and
guidelines for the surety bonds required pursuant to this section.
D. A surety bond maintained under the provisions of this
section or Section 7124 of this title may be cancelled or terminated
by the surety only by providing notice to the Commissioner, no later
than thirty (30) days before the effective date of the cancellation
or termination. Notwithstanding the cancellation, termination, or
expiration of a bond maintained under this section or Section 7124
of this title, the surety shall remain liable for obligations
arising during the term of the bond and prior to the termination,
cancellation or expiration.
of this title, an organization may purchase a surety bond in an
amount not less than the minimum funding requirement.
B. The surety bond shall be made payable to the State of
Oklahoma for the benefit of the Insurance Commissioner and all
purchasers of prepaid cemetery merchandise. The bond shall be
approved by the Commissioner.
C. The Commissioner may establish by rule the requirements and
guidelines for the surety bonds required pursuant to this section.
D. A surety bond maintained under the provisions of this
section or Section 7124 of this title may be cancelled or terminated
by the surety only by providing notice to the Commissioner, no later
than thirty (30) days before the effective date of the cancellation
or termination. Notwithstanding the cancellation, termination, or
expiration of a bond maintained under this section or Section 7124
of this title, the surety shall remain liable for obligations
arising during the term of the bond and prior to the termination,
cancellation or expiration.
Status: in_force · Read it on the official government site
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