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OK SB1599
Bill
Status
2/6/2012
Primary Sponsor
Ralph Shortey
Click for details
AI Summary
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Amends 36 O.S. 2011, Section 6125 regarding prepaid funeral benefits contracts offered by funeral organizations.
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Prohibits organizations from offering "Specific and Described Funeral Merchandise and Service at a Guaranteed Price" contracts (paragraph 1 type) effective November 1, 2012.
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Allows only "fund for prepaid funeral benefits" contracts (paragraph 2 type) where purchasers can add funds and select exact merchandise/services at time of death.
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Maintains existing protections requiring funds be held in trust, earn minimum interest, and prohibits withdrawal of less than original principal deposited.
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Effective date: November 1, 2012.
Legislative Description
Prepaid funeral benefits; prohibiting certain contracts from being offered. Effective date.
Insurance
Last Action
Second Reading referred to Retirement and Insurance
2/7/2012