(1) No person, firm or corporation shall sell or offer to sell, or make or offer to make at-need funeral arrangements, preneed funeral arrangements or prepaid funeral agreements, unless that person is a duly licensed mortician or funeral director.

(2) The following monies shall be construed as trust funds in the possession of a funeral director, mortician, mortuary, cemetery, or any other person, firm or corporation:

(a) any monies paid under or in connection with a funeral trust agreement where:

(i) the funeral trust agreement is intended to provide funeral goods and/or service for the named person referred to in this part as beneficiary, who may or may not be the same person as the purchaser;

(ii) the sale of personal property to be used in connection with a funeral or burial, wherein the delivery of such personal property is not to occur until after the death of the beneficiary of the trust; and/or

(iii) the furnishing of personal services are not rendered until the occurrence of the death of the beneficiary of the trust.

(3) Trust funds shall be deposited within three business days after receipt in a special account maintained exclusively for the deposit of monies in a banking institution, savings or building and loan association or credit union that must have its principal place of business in this state and must be organized under federal and/or Montana law.

(4) Trust funds shall be held on deposit, together with any interest until the personal property has been delivered and the personal services have been rendered, unless sooner repaid, in whole or in part.

(5) Any funeral trust agreement shall include a provision that a preneed purchaser shall receive a receipt for the deposited funds from the depository institution. The funeral trust agreement must include a disclosure to the preneed purchaser that the purchaser should receive the receipt within 30 days, and if the receipt is not received within the 30-day timeframe, the purchaser should contact the preneed seller.