EXPLANATORY NOTES

This Bill would amend the Prepaid Funeral Services Act to permit borrowing for the purposes of the assurance fund created under section 5 of the Act.

The Bill would also provide that a person who would have been entitled to a payment from the assurance fund had the Act come into force on November 1, 2000 is, notwithstanding the Act did not come into force until December 22, 2000, entitled to the payment.

SN2000 cP-18.1
as amended

1. (1) Subsection 5(2) of the Prepaid Funeral Services Act is repealed and the following substituted:

(2) The assurance fund shall consist of money paid into it by sellers in accordance with the regulations, money borrowed under subsection (9), and interest, dividends and other returns earned upon the investment of money in the assurance fund.

(2) Section 5 of the Act is further amended by adding immediately after subsection (8) the following:

(9) The minister, or the association where the minister directs it to administer the assurance fund, or the board, where one is established under subsection (4), may borrow money for the purpose of deposit to the fund.

(10) A person who would have been entitled to a payment out of the assurance fund if this Act came into force on November 1, 2000 shall be considered to be entitled to a payment out of the fund notwithstanding this Act did not come into force until December 22, 2000.