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clearly state any fees that may be charged against the | account; fees must be reasonable, as defined by the board, and | may be charged only: |
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| (1) Upon transfer of the account by the appointment of | a successor trustee; |
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| (2) Upon revocation of the agreement if the agreement | is revokable; and |
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| (3) For the actual financial and tax administration of | the account. |
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| The payee shall maintain a complete record of the deposit of | all funds, including principal and interest. The record | must be available for inspection by the payor, the payor's | legal representative, the commissioner's designee or an | inspector for the board and must contain the name and | address of the financial institution or credit union | currently in possession of the funds and the dates and | amounts of deposits. |
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| E. The funds may be withdrawn directed by the payee to | another financial institution or credit union or directed | back to the payor or the payor's legal representative, if | otherwise lawful and permitted by contract, by the payee on | written instructions of the payor or the payor's legal | representative or. The funds may only be withdrawn by the | payee on the presentation of proof of death of the person | for whose benefit the funds were paid, in which event they | must be used in accordance with the agreement. |
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| | Sec. 2. 32 MRSA §1401, sub-§3, as enacted by PL 1999, c. 258, §2 and | affected by §3, is amended to read: |
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| | 3. Financial institution or credit union liability. The | financial institution or credit union is discharged from | liability for direct payment of the funds in an account under | subsection 1 to another financial institution or credit union or | to the payee, upon presentation of a written consent to | withdrawal signed by the payor or the payor's legal | representative and by the payee or upon withdrawal of the funds | by the payee upon presentation of proof of death of the person | for whose benefit the funds were paid. |
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| | This bill amends the laws governing mortuary trust funds as | follows. |
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