Minnesota legislators last year approved a law requiring pre-need sellers to disclose to consumers where funds are being kept and the interest they earn, notify customers when a facility is sold and advise them of refund options. The current rule does not explicitly cover pre-need sales, but the FTC may bring the predeath market and cemeteries under its umbrella. The Senate's Special Committee on Aging held hearings on the subject last year and, while no action was taken, members discussed whether to put together model rules for states to use to tighten pre-need regulation. The National Funeral Directors Association, comprising mostly independently owned homes, has recommended giving pre-need purchasers the right to a refund within seven days of signing a contract. It also has called for disclosure measures to apprise consumers of where their money is being kept.
Consumer groups question whether such guidelines go far enough.
Hickory Farms Something to celebrate.