Concerning prearrangement funeral services.

Senate Bill 5016 concerns prearrangement funeral services, which allow individuals to plan and pay for their funerals in advance. The bill directly affects funeral establishments offering these services and individuals who purchase them. It modernizes financial requirements by increasing the amount a funeral establishment can retain from the cash purchase price of a prearrangement contract from 10% to 20%. Consequently, 80% of the purchase price, excluding sales tax, must now be placed into a prearrangement funeral service trust, down from 90%. This bill aims to update regulations while maintaining consumer protections, such as a 30-day full refund policy for cancellations.