MS HB1365

Allows preneed contract sellers to deposit funds in a certificate of deposit (CD) insured by the Federal Deposit Insurance Corporation as an alternative to placing funds in a trust account, with prior Secretary of State approval.

Requires the CD to be made payable jointly to both the contract seller and the Secretary of State.

Mandates that the same percentage of funds required for trust accounts (85%) be deposited in the CD, and applies the same trust fund protections and disbursement procedures to CD funds.

Establishes that upon the contract insured's death, the Secretary of State authorizes CD fund disbursements to the contract provider if services were provided, or to the contract insured's estate or substitute provider within 10 days if services were not provided.

Takes effect July 1, 2012.