ND SB2261

Adds definition of "irrevocable itemized funeral contract" as an irrevocable pre-need funeral service contract providing an itemized listing of goods and services to be received.

Requires 100% of funds collected for professional funeral services and 50% of funds collected for cemetery merchandise to be deposited in state-insured financial institutions within ten days.

Requires irrevocable itemized funeral contract funds to be held in a separate account or certificate of deposit with names of all parties identified.

Allows purchasers to designate an irrevocable amount in pre-need funeral contracts that qualifies as an allowable asset exclusion for Medicaid eligibility determination under section 50-24.1-02.3.

Permits contract cancellation of the irrevocable portion within 45 days of contract entry and requires all pre-need contracts to be fully transferable between licensed funeral establishments or cemetery associations.