Section 436.490

Title XXVIII CONTRACTS AND CONTRACTUAL RELATIONS

Chapter 436

Effective - 28 Aug 2009   

  436.490.  Sale of business assets of provider — report to board required, contents. — 1.  A provider that intends to sell or otherwise dispose of all or a majority of its business assets, or its stock if a corporation, shall notify the board at least sixty days prior to selling or otherwise disposing of its business assets or stock, or ceasing to do business as a provider, and shall file a notification report on a form established by the board.

  2.  The report required by this section shall include:

  (1)  The name, phone number, and address of the purchasers of any outstanding preneed contract for which the licensee is the designated provider;

  (2)  The name and license numbers of all sellers authorized to designate the licensee as a provider in a preneed contract;

  (3)  The name, address, and license number of the provider assuming or agreeing to assume the licensee's obligations as a provider under a preneed contract, if any;

  (4)  The name, address, and phone number of a custodian who will maintain the books and records of the provider containing information about preneed contracts in which the licensee is or was formerly designated as provider;

  (5)  A final annual report containing the information required by section 436.460;

  (6)  The date the provider intends to sell or otherwise dispose of its business assets or stock, or cease doing business; and

  (7)  Any other information required by any other applicable statute or regulation enacted pursuant to state or federal law.

  3.  Within three days after the provider sells or disposes of its assets or stock or ceases doing business, the former provider shall notify each seller in writing that the former provider has sold or disposed of its assets or stock or has ceased doing business.

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(L. 2009 S.B. 1)