CO HB1228

Extends the sunset date for regulation of preneed funeral contracts from September 1, 2022 to September 1, 2029, continuing state oversight of the funeral services industry.

Modifies licensing requirements to allow contract sellers to demonstrate financial viability through either net worth or surety bond documentation, with specific dollar amounts to be established by commissioner rule.

Establishes procedures for handling unclaimed preneed funeral contracts, requiring trustees to report unclaimed funds to the state treasurer and deposit them into the unclaimed property trust fund after 3 years, when beneficiary reaches age 115, or 65 years after contract execution.

Requires funeral establishments to attest at renewal whether they sell preneed contracts and directs the insurance commissioner to share information with the funeral director regarding preneed contract sellers.

Appropriates $81,958 to the Department of Regulatory Agencies for the 2022-23 fiscal year to implement the bill, including 0.9 FTE in personal services costs and operating expenses.