C.R.S.
Section 10-15-102
Definitions
(1)
“Broker” means any contract seller who must utilize the services of a general provider to fulfill the terms of a preneed contract.(1.5)
“Cash advances” means consideration which can be used at the time of need at the discretion of the contract buyer or his or her heirs, assigns, or authorized representatives for merchandise or services the prices of which are not guaranteed in a preneed contract and which merchandise or services are ancillary and in addition to merchandise and services the prices of which are guaranteed in a preneed contract.(2)
“Cemetery” means any place, including a mausoleum, niche, or crypt, in which there is provided space either below or above the surface of the ground for the interment of the remains of human bodies.(3)
“Commissioner” means the commissioner of insurance.(4)
“Common trust funds” means a common trust as defined by the provisions of article 24 of title 11, C.R.S. This article does not preclude the use of a common trust to the extent that the individual contract seller complies with the provisions of this article.(5)
“Contract buyer” means a person who purchases merchandise and services through a preneed contract.(6)
“Contract seller” means a person who sells or offers to sell funeral goods, merchandise, or services through a preneed contract.(7)
“Final resting place” means a space, either below or above the surface of the ground, for the interment of the remains of human bodies.(8)
“Funds” means money paid by a contract buyer, excluding interest, finance charges, and late fees paid, for the purchase of a preneed contract.(8.5)
“Funeral goods” has the same meaning as in section 12-135-103 (17).(9)
“General provider” means a person who engages, on a contract basis, in the usual business of providing the merchandise and performing the services, at time of need, for the final disposition of a deceased human body, and does not include subcontractors of a general provider.(10)
“Merchandise” means goods which are normally sold or offered for sale directly to the public for use in connection with funeral services and does not include overhead items.(11)
“Overhead items” means items such as embalming fluid, sanitary supplies, and other items used in the performance of funeral services.(12)
“Person” means an individual, partnership, firm, joint venture, corporation, company, association, joint stock association, or limited liability company.(13)
Intentionally left blank —Ed.(a)
“Preneed contract” means any written contract, agreement, or mutual understanding, or any security or other instrument that is convertible into a contract, agreement, or mutual understanding, whereby, upon the death of the preneed contract beneficiary, a final resting place, merchandise, or services are provided or performed in connection with the final disposition of the beneficiary’s body. Consideration for a preneed contract is funds, deposits, or the assignment of life insurance benefits.(b)
“Preneed contract” does not include a contract for merchandise whereby the buyer takes physical possession of the merchandise at the time of entering into the contract.(15)
“Preneed contract price” means the total price listed on a preneed contract for all items listed and includes cash advances.(16)
“Services” means any services that may be used to care for and prepare deceased human bodies for final disposition.(17)
“Trustee” means a chartered state bank, savings and loan association, credit union, or trust company that is authorized to act as fiduciary and that is subject to supervision by the state bank or financial services commissioner or a national banking association, federal credit union, or federal savings and loan association authorized to act as fiduciary in Colorado.(18)
“Trust funds” means funds deposited by a contract seller with a trustee.(19)
“Trust instrument” means the documents pursuant to which a trustee receives, holds, invests, and disburses trust funds.
Source:
Section 10-15-102 — Definitions, https://leg.colorado.gov/sites/default/files/images/olls/crs2023-title-10.pdf (accessed Oct. 20, 2023).
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