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MO HB1202
Bill
Status
3/10/2015
Primary Sponsor
Joshua Peters
Click for details
AI Summary
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Replaces "joint account-funded preneed contracts" (held jointly by purchaser and seller) with "account-funded preneed contracts" held in the seller's name for the benefit of the beneficiary
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Requires a separate account for each preneed funeral contract, with funds deposited within 10 days of receipt by the seller
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Adds creditor protection by making account funds not subject to garnishment or other legal process
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Allows account control by the seller, beneficiary, or party holding power of attorney over the beneficiary's estate, rather than joint control by purchaser and seller
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Maintains existing requirements for contract cancellation, fund disbursement within 15 days, and Board of Embalmers and Funeral Directors oversight authority
Legislative Description
Replaces joint account-funded preneed funeral contracts with account-funded preneed funeral contracts which require accounts to be held in the seller's name for the benefit of the beneficiary
Last Action
Referred: Professional Registration and Licensing(H)
5/15/2015