A crypt or room in a community mausoleum, or niche in a columbarium, shall not be sold or offered for sale before such structure is entirely completed, unless and until the agency selling such crypts or niches enters into an agreement whereby it agrees to refund to each and every purchaser of crypts, rooms, and niches all sums of money paid by each, together with legal interest thereon, in the event it fails to complete such mausoleum or columbarium within a reasonable time thereafter, which agreement shall be entered into with a bank or trust company as trustee for the purchasers of crypts, rooms, and niches. The agency shall also deposit with the trustee a good and sufficient bond or other security which shall guarantee the faithful performance of the agreement. The selection of the bank or trust company, the trust agreement, and the bond or other security herein provided for shall be submitted to and be subject to the approval of the Probate Division of the Superior Court of the district wherein such community mausoleum or columbarium is located. (Amended 2009, No. 154 (Adj. Sess.), § 238a, eff. Feb. 1, 2011.)