(a) There is established within the state general fund a cemetery state administrative fund referred to as the “cemetery state administrative account”. All funds received by the commissioner under this section shall be deposited into the account and held solely for the purposes of this section.
(b) Moneys within the account shall be invested by the state treasurer in accordance with § 9-4-603 for the sole benefit of the account.
(c) A renewal of a certificate of registration must not be issued unless the applicant pays, in addition to the renewal fee, a state administrative fee of twenty dollars ($20.00) for every pre-need sales contract entered into during the preceding renewal period, except that the applicant is not required to pay the state administrative fee on any pre-need sales contract entered into that was subsequently cancelled prior to the applicant's request for renewal of a certificate of registration. If the pre-need contract covers both cemetery merchandise and funeral merchandise as defined in § 62-5-403, then the cemetery company is only required to pay one (1) administrative fee for the contract, which must be credited to the cemetery state administrative account. A cemetery company shall not charge a consumer more than one (1) state administrative fee for the execution of one (1) or more cemetery contracts entered into by the consumer at any one (1) time.
(d) One-half (½) of the funds received pursuant to this section shall be used to fund the cemetery registration program, and one-half (½) of the funds received pursuant to this section shall be used to fund any receivership action initiated by the commissioner against a cemetery due to a deficiency in the cemetery's improvement care or pre-need merchandise and services trust fund.