MO SB883

Reduces the timeframe for sellers to deposit preneed contract payments into designated trusts from sixty to thirty days of receipt

Requires trust-funded preneed contract trustee distributions to the seller within fifteen days of request (origination fee up to 5%, additional distribution up to 10% of face value)

Modifies insurance-funded preneed contracts to require purchaser or beneficiary ownership of the policy and seller/provider as beneficiary or assignee for contract validity

Changes deposit timelines for joint account-funded preneed contracts from ten to thirty days, and extends provider payment timeframe from fifteen to thirty days after certificate of performance

Authorizes board to audit accounts designated by depository or account number and requires annual reporting with specific market value disclosures for trust fund balances