Tex.
Health & Safety Code Section 712.061
Offer and Sale of Undeveloped Mausoleum Space
(a)
A corporation may not directly or indirectly sell or offer for sale an undeveloped mausoleum space unless before the sale or offer the corporation:(1)
establishes a preconstruction trust as provided by Section 712.063 (Preconstruction Trust) or executes and submits a performance bond payable to the commissioner as provided by Section 712.067 (Bond in Lieu of Preconstruction Trust); and(2)
submits a written notice to the commissioner as required by Subsection (b).(b)
The written notice to the commissioner must set forth:(1)
the date the corporation anticipates that sales of undeveloped mausoleum spaces will begin;(2)
a copy of the sales contract proposed for use that complies with Section 712.066 (Contract Disclosures);(3)
if the corporation establishes a preconstruction trust as provided by Section 712.063 (Preconstruction Trust), a copy of the executed preconstruction trust agreement that complies with this subchapter and identifies the preconstruction trustee;(4)
if the corporation submits a performance bond payable to the commissioner as provided by Section 712.067 (Bond in Lieu of Preconstruction Trust), the executed, original performance bond in the amount required by Section 712.067 (Bond in Lieu of Preconstruction Trust) and documentation supporting the corporation’s computation of that amount; and(5)
other information the commissioner reasonably requires to properly administer and enforce this subchapter.(c)
At any time before beginning construction of the mausoleum or mausoleum section in which undeveloped mausoleum spaces are being sold, a corporation that has established a preconstruction trust may substitute a performance bond that meets the requirements of Section 712.067 (Bond in Lieu of Preconstruction Trust). On acceptance of the performance bond by the commissioner, the corporation may terminate and withdraw all proceeds deposited in the preconstruction trust.
Source:
Section 712.061 — Offer and Sale of Undeveloped Mausoleum Space, https://statutes.capitol.texas.gov/Docs/HS/htm/HS.712.htm#712.061 (accessed Apr. 29, 2024).
