CS/CS/CS/HB 473 Summary

• Adds e-mail addresses to licensure requirements and requires the Department of Financial Services to use e-mail notification for the licensing process; allows rulemaking for electronic reporting.

• Makes the Board of Funeral, Cemetery, and Consumer Services required (rather than optional) to provide criteria identifying minor trust remittance deficiencies and prohibits fines when deficiencies are fully corrected within 30 days.

• Creates new withdrawal methods for cemetery care and maintenance trust funds, including net income and total return withdrawal options (up to 5% of fair market value), with capital gains taxes to be paid from trust principal.

• Eliminates surety bonding as a funding alternative for preneed contracts (repeals s. 497.461) effective July 1, 2016, though existing licensees with surety bonds as of that date may maintain them.

• Specifies that cremated remains are not property, prohibits their division without consent from the legally authorized person, and requires court resolution of disputes over division of cremated remains.