MS HB93

Requires owners of perpetual care cemeteries to file a $500,000 surety bond (or lower amount set by Secretary of State) with the state to protect lot owners and their families if the cemetery becomes insolvent or fails to maintain adequate trust funds.

Allows persons claiming against the cemetery bond to maintain an action against both the cemetery and the surety for losses or damages sustained.

Requires sellers of preneed funeral contracts funded by trust to file a $500,000 surety bond (or lower amount set by Secretary of State) to protect contract holders and beneficiaries from fraud, misappropriation of trust funds, or insolvency.

Allows contract insured persons and beneficiaries to claim against the preneed seller's bond for financial losses or damages resulting from provider misfeasance, fraud, or trust fund misappropriation.

Effective date: July 1, 2017.