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Amend the bill by striking out the title and substituting the following:
‘Resolve, To Study Expanding the Permissible Investments for Prearranged Funeral Funds’
Amend the bill by striking out everything after the title and before the summary and inserting the following:
‘Sec. 1 Task force established. Resolved: That, notwithstanding Joint Rule 353, the Task Force To Study Expanding the Permissible Investments for Prearranged Funeral Funds, referred to in this resolve as "the task force," is established; and be it further
Sec. 2 Task force membership. Resolved:  That the task force consists of 11 members appointed as follows:
1. The Senate chair of the Joint Standing Committee on Insurance and Financial Services;
2. Two members of the Senate, appointed by the President of the Senate, including members from each of the 2 parties holding the largest number of seats in the Legislature;
3. The House chair of the Joint Standing Committee on Insurance and Financial Services;
4. Two members of the House of Representatives, appointed by the Speaker of the House, including members from each of the 2 parties holding the largest number of seats in the Legislature;
5. An independent professional investment advisor who is a certified financial planner, appointed by the Governor;
6. A member of a statewide association of independent funeral directors, appointed by the Governor;
7. A representative of corporate-owned funeral homes doing business in this State, appointed by the Governor;
8. A member of a statewide association representing financial institutions, appointed by the Governor; and
9. A member of a statewide association of credit unions, appointed by the Governor; and be it further
Sec. 3 Chairs. Resolved: That the first-named Senate member is the Senate chair and the first-named House of Representatives member is the House chair of the task force; and be it further
Sec. 4 Appointments; convening of task force. Resolved: That all appointments must be made no later than 30 days following the effective date of this resolve. The appointing authorities shall notify the Executive Director of the Legislative Council once all appointments have been completed. After appointment of all members, the chairs shall call and convene the first meeting of the task force. If 30 days or more after the effective date of this resolve a majority of but not all appointments have been made, the chairs may convene the task force to meet and conduct its business; and be it further
Sec. 5 Duties. Resolved: That the task force shall study the mortuary trust investments allowed under current law and advise the Legislature of the appropriate standards to be imposed on mortuary trust investments to best protect individuals who pay money into a trust both to protect a trust's corpus and to ensure reasonable investment opportunities to allow that trust to grow. The task force shall study the following issues:
1. The current forms of mortuary trust investment;
2. How current forms of mortuary trust investment have changed since the inception of statutory investment requirements;
3. The manner in which other states regulate mortuary trust investments;
4. The manner in which the Maine Public Employees Retirement System makes investments for comparison purposes;
5. An analysis of the benefits, if any, to consumers of an expansion of the types of mortuary trust investments available under current law;
6. An evaluation of the merits of making changes to the mortuary trust investment standards; and
7. Such other issues as the task force considers appropriate; and be it further
Sec. 6 Meetings. Resolved: That meetings of the task force must be conducted in public in accordance with the Maine Revised Statutes, Title 1, chapter 13. The task force shall provide notice of its meetings to the Joint Standing Committee on Insurance and Financial Services; and be it further
Sec. 7 Staff assistance. Resolved: That the Legislative Council shall provide necessary staffing services to the task force; and be it further
Sec. 8 Report. Resolved: That, no later than December 2, 2015, the task force shall submit a report that includes its findings and recommendations, including suggested legislation, to the Joint Standing Committee on Insurance and Financial Services. The committee may present legislation regarding the report to the Second Regular Session of the 127th Legislature.’
 
SUMMARY
This amendment is the minority report of the committee. This amendment replaces the bill and changes it into a resolve. The amendment establishes a task force to study expanding the permissible investments for prearranged funeral funds. The task force comprises 11 members, including 6 Legislators, representatives of independently owned and corporate-owned funeral homes, financial institutions and credit unions and a financial advisor. The amendment requires the task force to report back to the Legislature before the Second Regular Session of the 127th Legislature. The Joint Standing Committee on Insurance and Financial Services may report out a bill based on the task force's recommendations.
 
FISCAL NOTE REQUIRED
(See attached)