The bill also details various procedures that sellers must follow in retaining and depositing payments in trusts and redesignating providers of funeral services. The bill changes the Endowed Care Cemetery Audit Fund to the Endowed Care Cemetery and Preneed Audit Fund and makes these funds available to the division to implement the provisions of the bill. The bill also establishes the Missouri Preneed Fund to support the operations of the state board. The state board is directed to deposit in the Preneed Fund all fees associated with preneed funeral contracts and any funds transferred from the Endowed Care Cemetery and Preneed Audit Fund. Violations of provisions of the bill related to trusts funds and irrevocable contract cancellation waivers are established as a class D felony and violations of all other provisions as a class C misdemeanor.
Supporters say that current law contains many ambiguities and is subject to misinterpretation.
There are loopholes which allow unscrupulous individuals to take advantage of consumers. This bill will clean up the industry and make it better for the consumer. There was no opposition voiced to the committee.