Senate Commerce Committee Statement to Senate No. 1668, New Jersey (May 16, 2022)

Summary

A Senate Commerce Committee statement of the State of New Jersey, dated May 16, 2022, reporting Senate Bill No. 1668 favorably. The bill sets at $37,500 the minimum a cemetery company established before December 1, 1971 must retain in its Maintenance and Preservation Fund, which current law does not fix for those companies as it does for companies established after that date, and requires any funds above the minimum to be applied to maintenance and preservation of the cemetery.

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     SENATE COMMERCE COMMITTEE

                   STATEMENT TO

                 SENATE, No. 1668

 STATE OF NEW JERSEY
                      DATED: MAY 16, 2022

   The Senate Commerce Committee reports favorably Senate Bill
No. 1668.
   This bill sets the minimum dollar amount a cemetery company
must retain in its Maintenance and Preservation Fund at $37,500 if
that company was established before December 1, 1971. Current
law requires such cemetery companies to transfer into their
Maintenance and Preservation Funds any funds established for the
maintenance and preservation of the cemetery and any additional
amount set by the New Jersey Cemetery Board. However, current
law does not set a minimum dollar amount these cemeteries are
required to retain in their Maintenance and Preservation Funds, as it
does for cemetery companies established after December 1, 1971.
Additionally, the bill requires that any funds exceeding the $37,500
minimum must be applied towards the maintenance and
preservation of the cemetery.


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