A bill for an act relating to preneed sellers, sales agents and sales agent applicants, and government cemeteries.
What changed between versions
Added new definitions for 'government cemetery' (owned/operated by a governmental subdivision) and 'governmental subdivision' (city, county, or township).
Modified requirements for sales agent applicants, mandating that they be designated by a preneed seller before a license can be issued and requiring the seller to file documentation of this designation.
Modified rules for trust funds, allowing sellers to withdraw interest or income only to the extent needed to adjust for inflation, capped at 50% of total interest earned annually.
Modified examination requirements, mandating that the commissioner conduct an audit of any seller with a trust arrangement at least once every five years.
Added requirements for government cemeteries to comply with the same rules as private preneed sellers, including disclosure statements and refund policies.
Modified refund and cancellation policies to ensure purchasers receive refunds adjusted for inflation, with deductions for actual expenses capped at 10% of the purchase price.