As used in this article 15, unless the context otherwise requires:
"Broker" means any contract seller who must utilize the services of a general provider to fulfill the terms of a preneed contract.
"Cash advances" means consideration which can be used at the time of need at thediscretion 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.
"Cemetery" means any place, including a mausoleum, niche, or crypt, in which thereis provided space either below or above the surface of the ground for the interment of the remains of human bodies.
"Commissioner" means the commissioner of insurance.
"Common trust funds" means a common trust as defined by the provisions of article24 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.
"Contract buyer" means a person who purchases merchandise and services through apreneed contract.
"Contract seller" means a person who sells or offers to sell funeral goods, merchandise, or services through a preneed contract.
"Final resting place" means a space, either below or above the surface of the ground,for the interment of the remains of human bodies.
"Funds" means money paid by a contract buyer, excluding interest, finance charges,and late fees paid, for the purchase of a preneed contract.
"Funeral goods" has the same meaning as in section 12-135-103 (17).
"General provider" means a person who engages, on a contract basis, in the usualbusiness 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.
"Merchandise" means goods which are normally sold or offered for sale directly tothe public for use in connection with funeral services and does not include overhead items.
"Overhead items" means items such as embalming fluid, sanitary supplies, and other items used in the performance of funeral services.
"Person" means an individual, partnership, firm, joint venture, corporation, company, association, joint stock association, or limited liability company.
(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.
"Preneed contract" does not include a contract for merchandise whereby the buyertakes physical possession of the merchandise at the time of entering into the contract.
(Deleted by amendment, L. 2013.)
"Preneed contract beneficiary" means, for any preneed contract entered into on orafter July 1, 1967, any person specified in the preneed contract, upon whose death a final resting place, merchandise, or services of any nature shall be provided, delivered, or performed.
"Preneed contract price" means the total price listed on a preneed contract for allitems listed and includes cash advances.
"Services" means any services which may be used to care for and prepare deceasedhuman bodies for burial, cremation, or other final disposition.
"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.
"Trust funds" means funds deposited by a contract seller with a trustee.
"Trust instrument" means the documents pursuant to which a trustee receives, holds, invests, and disburses trust funds.
Source: L. 95: Entire article R&RE, p. 1031, § 1, effective May 25. L. 2013: (6) and (13) amended and (8.5) added, (SB 13-125), ch. 287, p. 1515, § 1, effective August 7. L. 2019: IP and (8.5) amended, (HB 19-1172), ch. 136, p. 1653, § 39, effective October 1.
Editor's note: This section is similar to former § 10-15-102 as it existed prior to 1995.