Texas Finance Code
§ 154.359 — PERMISSIBLE USES OF FUND
FI § 154.359Title 3. FINANCIAL INSTITUTIONS AND BUSINESSES · Part E. OTHER FINANCIAL BUSINESSES · Ch. 154. PREPAID FUNERAL SERVICES · Art. H. GUARANTY FUND
Statute text
View on source(a)In addition to uses authorized by Section 154.354, the fund may be used to pay:
(1)a loss attributable to the failure or inability of a permit holder or funeral provider to perform its obligations under a prepaid funeral benefits contract;
(2)expenses of a plan to arrange for another permit holder or funeral provider to assume the obligations of the permit holder or funeral provider under a prepaid funeral benefits contract or a group of prepaid funeral benefits contracts if the commissioner finds, with the advice and consent of the advisory council, that the plan is reasonable and in the best interests of the contract beneficiaries;
(3)administrative expenses related to servicing and handling outstanding prepaid funeral benefits contracts:
(A)that have not been assumed by another permit holder; or
(B)the obligations under which have not been assumed by another funeral provider;
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Legislative history
Acts 2011, 82nd Leg., R.S., Ch. 14 (S.B. 567), Sec. 11, eff. September 1, 2011. Acts 2011, 82nd Leg., R.S., Ch. 559 (H.B. 3004), Sec. 6, eff. June 17, 2011.