AR HB1797

Amends the notice provision in prepaid funeral contracts to inform purchasers that transferring an irrevocable contract to a substitute provider will not transfer the entire contract amount, may include transfer fees, and may require additional payment to obtain 100% of services

Changes cancellation and transfer provisions by replacing "prior to" with "before" performance of contracts and clarifying language regarding "cash-funded" versus "cash or trust funded" contracts

Establishes that purchasers of revocable contracts are entitled to receive at least 100% of amounts paid (whether cash-funded, insurance-funded, or annuity-funded), with specific provisions for cash surrender values and policy proceeds

For irrevocable contracts, purchasers lose refund rights but retain the right to change providers, with sellers required to transfer at least 100% of amounts paid to substitute providers before or after beneficiary death

Authorizes sellers and funding life insurance companies to collect fees for transferring or canceling prepaid contracts, with the Insurance Commissioner to establish fee amounts by rule