Texas Finance Code

§ 154.254 — AMOUNT PAYABLE ON CANCELLATION OF CONTRACT

FI § 154.254Title 3. FINANCIAL INSTITUTIONS AND BUSINESSES · Part E. OTHER FINANCIAL BUSINESSES · Ch. 154. PREPAID FUNERAL SERVICES · Art. F. TRUST-FUNDED PREPAID FUNERAL BENEFITS

Statute text

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A purchaser of a trust-funded prepaid funeral benefits contract who cancels the contract during the first year of the contract when payments required under the contract are current is entitled to receive, regardless of the amount held in trust, the greater of:

(1)90 percent of the actual amount paid by the purchaser; or

(2)the amount deposited in trust with respect to the purchaser's contract.

Legislative history

Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997.