HB0815 Summary

• Amends the Illinois Funeral or Burial Funds Act and the Illinois Pre-Need Cemetery Sales Act to require sellers to disclose and explain funding options before entering into pre-need contracts.

• Establishes three funding options for purchasers: depositing funds into a local banking institution of their choice, depositing into a seller-operated trust program, or other means offered by the seller, with the purchaser selecting one option.

• Requires sellers of pre-need sales contracts to be licensed by the Department of Financial and Professional Regulation and complete at least 24 hours of continuing education every two-year period.

• Applies disclosure and funding option requirements to pre-need contracts entered into on or after the effective date of the act, while maintaining existing trust fund and performance bond requirements for cemetery merchandise and undeveloped spaces.

• Takes effect immediately upon becoming law.