reglab/housing_qa huggingface dataset:
TX Fin Code § 154.208 (2021)
2021 Texas Statutes|Finance Code|Title 3 - Financial Institutions and Businesses|Subtitle E - Other Financial Businesses|Chapter 154 - Prepaid Funeral Services|Subchapter E. Insurance-Funded Prepaid Funeral Benefits|Section 154.208. Advisory Committee

Sec. 154.208.  ADVISORY COMMITTEE.  (a)  The commissioner shall appoint an advisory committee to review and make recommendations regarding the technical procedures and processes employed by the department to regulate insurance-funded prepaid funeral benefits and monitor compliance of sellers of insurance-funded contracts under this chapter, including recommendations relating to:(1)  the relevance and usefulness of records that the department requires a seller to maintain for examination purposes;(2)  the existence and identification of any specific record that an insurance company is required to maintain and produce under the Insurance Code that could be substituted as a record that meets the objectives and requirements of the department under this chapter;(3)  the scope, efficiency, and effectiveness of examination procedures employed by the department to verify compliance with this chapter; and(4)  any other matter submitted to the committee by the commissioner.(b)  The advisory committee is composed of eight members appointed by the commissioner as follows:(1)  two representatives of the department;(2)  two representatives of funeral providers that actively sell and service insurance-funded contracts in this state; and(3)  four representatives of permit holders that actively sell insurance-funded contracts in this state, provided that representation should be reasonably balanced to include permit holders that sell for domestic insurance companies, foreign insurance companies, small insurance companies, and large insurance companies.(c)  At the request of the commissioner, the commissioner of insurance may appoint a representative of the Texas Department of Insurance to serve on the advisory committee.(d)  Not later than the 30th day after the date all of the initial appointments to the advisory committee have been made, the advisory committee shall meet and select a presiding officer.  After the initial meeting, the advisory committee shall meet as necessary at the call of the commissioner.(e)  A member of the advisory committee serves without compensation.  If authorized by the commissioner, a member of the advisory committee is entitled to reimbursement for reasonable expenses incurred in attending committee meetings.(f)  A recommendation of the advisory committee does not supersede the regulatory authority of the commissioner or the rulemaking authority of the commission under this chapter.  The commissioner shall notify the commission of each recommendation of the advisory committee and the reasons for the recommendation.|Added by Acts 2009, 81st Leg., R.S., Ch. 1190 (H.B. 3762), Sec. 21, eff. September 1, 2009.|
TX Fin Code § 154.251 (2021)
2021 Texas Statutes|Finance Code|Title 3 - Financial Institutions and Businesses|Subtitle E - Other Financial Businesses|Chapter 154 - Prepaid Funeral Services|Subchapter F. Trust-Funded Prepaid Funeral Benefits|Section 154.251. Applicability

Sec. 154.251.  APPLICABILITY.  (a)  This subchapter applies only to money paid or collected on a trust-funded prepaid funeral benefits contract entered into after July 15, 1963.(b)  Money paid or collected on a prepaid funeral benefits contract entered into before July 15, 1963, shall be handled in accordance with the law in effect on the date the contract was entered into.|Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997.|
TX Fin Code § 154.252 (2021)
2021 Texas Statutes|Finance Code|Title 3 - Financial Institutions and Businesses|Subtitle E - Other Financial Businesses|Chapter 154 - Prepaid Funeral Services|Subchapter F. Trust-Funded Prepaid Funeral Benefits|Section 154.252. Retention of Money for Expenses

Sec. 154.252.  RETENTION OF MONEY FOR EXPENSES.  The seller of a trust-funded prepaid funeral benefits contract may retain for the seller's use and benefit an amount not to exceed one-half of all money collected or paid until the seller has received an amount equal to 10 percent of the total amount the purchaser agreed to pay under the contract.|Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997.  Amended by Acts 2001, 77th Leg., ch. 699, Sec. 10, eff. Sept. 1, 2001.|
TX Fin Code § 154.253 (2021)
2021 Texas Statutes|Finance Code|Title 3 - Financial Institutions and Businesses|Subtitle E - Other Financial Businesses|Chapter 154 - Prepaid Funeral Services|Subchapter F. Trust-Funded Prepaid Funeral Benefits|Section 154.253. Deposit of Money Paid or Collected

Sec. 154.253.  DEPOSIT OF MONEY PAID OR COLLECTED.  (a)  Not later than the 30th day after the date of collection, the money, other than money retained as provided by Section 154.252, shall be deposited:(1)  in a financial institution that has its main office or a branch in this state in an interest-bearing restricted account insured by the federal government; or(2)  in trust with a financial institution that has its main office or a branch located in this state and is authorized to act as a fiduciary in this state, to be invested by the financial institution as trustee in accordance with this subchapter.(b)  An account described by Subsection (a), including a trust account, shall be carried in the name of the funeral provider or other entity to whom the purchaser makes payment and must include the words "prepaid funeral benefits" or "pre-need funeral benefits."|Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997.  Amended by Acts 1999, 76th Leg., ch. 344, Sec. 2.024, eff. Sept. 1, 1999.Amended by: Acts 2013, 83rd Leg., R.S., Ch. 39 (S.B. 297), Sec. 4, eff. September 1, 2013.|
TX Fin Code § 154.254 (2021)
2021 Texas Statutes|Finance Code|Title 3 - Financial Institutions and Businesses|Subtitle E - Other Financial Businesses|Chapter 154 - Prepaid Funeral Services|Subchapter F. Trust-Funded Prepaid Funeral Benefits|Section 154.254. Amount Payable on Cancellation of Contract

Sec. 154.254.  AMOUNT PAYABLE ON CANCELLATION OF CONTRACT.  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.|Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997.|
TX Fin Code § 154.255 (2021)
2021 Texas Statutes|Finance Code|Title 3 - Financial Institutions and Businesses|Subtitle E - Other Financial Businesses|Chapter 154 - Prepaid Funeral Services|Subchapter F. Trust-Funded Prepaid Funeral Benefits|Section 154.255. Standard of Duty of Depository

Sec. 154.255.  STANDARD OF DUTY OF DEPOSITORY.  A depository described by Section 154.253(a)(1) shall be held to the standard of duty of a fiduciary in holding, investing, or disbursing the money.|Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997.Amended by: Acts 2007, 80th Leg., R.S., Ch. 720 (H.B. 2393), Sec. 1, eff. September 1, 2007.|
TX Fin Code § 154.256 (2021)
2021 Texas Statutes|Finance Code|Title 3 - Financial Institutions and Businesses|Subtitle E - Other Financial Businesses|Chapter 154 - Prepaid Funeral Services|Subchapter F. Trust-Funded Prepaid Funeral Benefits|Section 154.256. Standard of Duty of Trustee

Sec. 154.256.  STANDARD OF DUTY OF TRUSTEE.  A trustee described by Section 154.253(a)(2) shall be held to the standard of duty of a trustee under the Texas Trust Code (Subtitle B, Title 9, Property Code), provided that the provisions of the Texas Trust Code may not be expanded, restricted, eliminated, or otherwise altered by the provisions of the trust instrument in a manner that is inconsistent with the purposes, terms, distribution requirements, and other circumstances of a trust established under this chapter.  In administering assets held in a prepaid funeral benefits trust, a trustee shall consider the trust beneficiaries to include the following two classes of persons to the extent of any beneficial interest:(1)  funeral providers or other persons entitled to payment after delivering a contracted funeral for which funds have been deposited in trust; and(2)  purchasers of or beneficiaries designated in prepaid funeral benefits contracts for which funds have been deposited in trust who:(A)  are entitled to receive a contracted funeral; or(B)  have the right to cancel a contract under Section 154.155 if not waived under Section 154.156.|Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997.Amended by: Acts 2007, 80th Leg., R.S., Ch. 720 (H.B. 2393), Sec. 1, eff. September 1, 2007.|
TX Fin Code § 154.257 (2021)
2021 Texas Statutes|Finance Code|Title 3 - Financial Institutions and Businesses|Subtitle E - Other Financial Businesses|Chapter 154 - Prepaid Funeral Services|Subchapter F. Trust-Funded Prepaid Funeral Benefits|Section 154.257. Investment Plan

Sec. 154.257.  INVESTMENT PLAN.  (a)  A permit holder or trustee, if the permit holder deposits the money with a financial institution as trustee, shall:(1)  adopt a written investment plan consistent with this section and Sections 154.256 and 154.258 that specifies the quality, maturity, and diversification of investments;(2)  at least annually, review the adequacy and implementation of the investment plan;(3)  maintain investment records covering each transaction;  and(4)  maintain the investment plan in the principal offices of the permit holder and trustee.(b)  The permit holder shall provide the investment plan to the department with the filing of the permit holder's annual report.|Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997.  Amended by Acts 1999, 76th Leg., ch. 344, Sec. 2.025, eff. Sept. 1, 1999.|
TX Fin Code § 154.258 (2021)
2021 Texas Statutes|Finance Code|Title 3 - Financial Institutions and Businesses|Subtitle E - Other Financial Businesses|Chapter 154 - Prepaid Funeral Services|Subchapter F. Trust-Funded Prepaid Funeral Benefits|Section 154.258. Investment and Management of Trust Assets

Sec. 154.258.  INVESTMENT AND MANAGEMENT OF TRUST ASSETS.(a)  The trustee of a prepaid funeral benefits trust shall invest and manage trust assets in accordance with the Uniform Prudent Investor Act (Chapter 117, Property Code), in a manner consistent with the requirements of this chapter and the purposes, terms, distribution requirements, and other circumstances of the trust.(b)  The commission may adopt reasonable rules to administer and clarify law regarding the investment and management of prepaid funeral benefits trust funds, provided that the rules are consistent with the Uniform Prudent Investor Act (Chapter 117, Property Code), the requirements of this chapter, and the purposes, terms, distribution requirements, and other circumstances of a prepaid funeral benefits trust, including rules to:(1)  define trust and investment terms;(2)  specify standards applicable to the written investment plan required by Section 154.257; and(3)  establish guidelines, rebuttable presumptions, or safe harbor provisions with respect to suitable investments and investment strategies for a prepaid funeral benefits trust. (c)  Repealed by Acts 2007, 80th Leg., R.S., Ch. 720, Sec. 4(1), eff. September 1, 2007.(d)  Repealed by Acts 2007, 80th Leg., R.S., Ch. 720, Sec. 4(1), eff. September 1, 2007.(e)  Repealed by Acts 2007, 80th Leg., R.S., Ch. 720, Sec. 4(1), eff. September 1, 2007.|Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997.  Amended by Acts 1999, 76th Leg., ch. 62, Sec. 7.41(a), eff. Sept. 1, 1999;  Acts 1999, 76th Leg., ch. 344, Sec. 2.026, eff. Sept. 1, 1999;  Acts 2001, 77th Leg., ch. 1420, Sec. 6.028, eff. Sept. 1, 2001.Amended by: Acts 2007, 80th Leg., R.S., Ch. 720 (H.B. 2393), Sec. 2, eff. September 1, 2007.Acts 2007, 80th Leg., R.S., Ch. 720 (H.B. 2393), Sec. 3, eff. September 1, 2007.Acts 2007, 80th Leg., R.S., Ch. 720 (H.B. 2393), Sec. 4(1), eff. September 1, 2007.|
TX Fin Code § 154.260 (2021)
2021 Texas Statutes|Finance Code|Title 3 - Financial Institutions and Businesses|Subtitle E - Other Financial Businesses|Chapter 154 - Prepaid Funeral Services|Subchapter F. Trust-Funded Prepaid Funeral Benefits|Section 154.260. Use of Money to Purchase, Lease, or Invest in Asset Owned by Seller or Funeral Provider

Sec. 154.260.  USE OF MONEY TO PURCHASE, LEASE, OR INVEST IN ASSET OWNED BY SELLER OR FUNERAL PROVIDER.  (a)  The depository of money under Section 154.253 must obtain the commissioner's prior written approval to use that money to purchase, lease, or invest in an asset owned by the seller or funeral provider or an affiliate of the seller or funeral provider.(b)  The commissioner by order may disapprove a transaction described by Subsection (a) on the ground that it would materially adversely affect the interests of the purchasers of prepaid funeral benefits contracts.(c)  The commissioner shall enter an order approving or disapproving the transaction not later than the 30th day after the date the commissioner receives written notification by the permit holder.  The transaction is considered approved if the commissioner does not act within that period.(d)  The order takes effect as proposed unless the permit holder requests a hearing not later than the 10th day after the date of the order.(e)  In this section, "affiliate" means a person or entity directly or indirectly controlling, controlled by, or under common control with a permit holder or funeral provider.|Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997.|
TX Fin Code § 154.261 (2021)
2021 Texas Statutes|Finance Code|Title 3 - Financial Institutions and Businesses|Subtitle E - Other Financial Businesses|Chapter 154 - Prepaid Funeral Services|Subchapter F. Trust-Funded Prepaid Funeral Benefits|Section 154.261. Withdrawal of Earnings to Pay Certain Expenses

Sec. 154.261.  WITHDRAWAL OF EARNINGS TO PAY CERTAIN EXPENSES.  (a)  The seller of a trust-funded prepaid funeral benefits contract may withdraw money from earnings on an account described by Section 154.253 to pay:(1)  reasonable and necessary trustee's fees or depository fees;(2)  the examination fee for one examination by the department each calendar year;  or(3)  the expense of preparation of financial statements required by the department, including those financial statements required by the department instead of an examination.(b)  With the department's prior approval, the seller may withdraw money from earnings on an account to pay:(1)  any tax incurred because of the existence of the account;  or(2)  an assessment under Subchapter H.|Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997.|
TX Fin Code § 154.262 (2021)
2021 Texas Statutes|Finance Code|Title 3 - Financial Institutions and Businesses|Subtitle E - Other Financial Businesses|Chapter 154 - Prepaid Funeral Services|Subchapter F. Trust-Funded Prepaid Funeral Benefits|Section 154.262. Withdrawal of Money on Death of Beneficiary

Sec. 154.262.  WITHDRAWAL OF MONEY ON DEATH OF BENEFICIARY.  (a)  The seller of a trust-funded prepaid funeral benefits contract may withdraw an amount equal to the original contract amount paid by the purchaser and the earnings attributable to the contract, less the amount retained under Section 154.252, after:(1)  the beneficiary named in the contract dies;(2)  the funeral service is completed;(3)  the funeral provider has completed the provider's obligations under Section 154.161(a) with respect to the contract; and(4)  the depository is presented with:(A)  appropriate affidavits by an officer or agent of the seller on forms prescribed by the department, attesting to matters required by Subdivisions (2) and (3); and(B)  a certified copy of the death certificate.(b)  The seller shall maintain copies of the affidavits and death certificate for examination by the department.|Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997.Amended by: Acts 2009, 81st Leg., R.S., Ch. 1190 (H.B. 3762), Sec. 22, eff. September 1, 2009.|
TX Fin Code § 154.263 (2021)
2021 Texas Statutes|Finance Code|Title 3 - Financial Institutions and Businesses|Subtitle E - Other Financial Businesses|Chapter 154 - Prepaid Funeral Services|Subchapter F. Trust-Funded Prepaid Funeral Benefits|Section 154.263. Withdrawal of Earnings Attributable to Contract

Sec. 154.263.  WITHDRAWAL OF EARNINGS ATTRIBUTABLE TO CONTRACT.  On the maturity date of a trust-funded prepaid funeral benefits contract as provided by Section 154.262 and after the funeral provider has performed its obligations under the contract, or at the time of cancellation of the contract as provided by Section 154.155 or 154.254, the seller may withdraw from an account described by Section 154.253:(1)  the proportionate part of the earnings that the amount deposited under the contract bears to the total amount deposited from all unmatured contracts, less the amount of excess earnings that was withdrawn in accordance with prior law;  or(2)  if the commissioner has determined that the records of the permit holder are adequate to allow this method to be exercised accurately, an amount equal to the actual earnings on individual matured contracts, less any properly allocated expenses permitted by this subchapter and less the amount of excess earnings that was withdrawn in accordance with prior law.|Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997.|
TX Fin Code § 154.264 (2021)
2021 Texas Statutes|Finance Code|Title 3 - Financial Institutions and Businesses|Subtitle E - Other Financial Businesses|Chapter 154 - Prepaid Funeral Services|Subchapter F. Trust-Funded Prepaid Funeral Benefits|Section 154.264. Accounting Records

Sec. 154.264.  ACCOUNTING RECORDS.  A seller shall maintain accounting records showing the amount deposited or invested under this subchapter with respect to each contract.|Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997.|
TX Fin Code § 154.265 (2021)
2021 Texas Statutes|Finance Code|Title 3 - Financial Institutions and Businesses|Subtitle E - Other Financial Businesses|Chapter 154 - Prepaid Funeral Services|Subchapter F. Trust-Funded Prepaid Funeral Benefits|Section 154.265. Default Under Certain Contracts

Sec. 154.265.  DEFAULT UNDER CERTAIN CONTRACTS.  (a)  Notwithstanding any other law, the purchaser of a trust-funded prepaid funeral benefits contract may not be considered in default under the contract if:(1)  the purchaser has paid at least 85 percent of the contract price; and(2)  the purchaser was unable to pay due to extenuating financial circumstances.(b)  A funeral provider is not required to provide funeral merchandise or services under a trust-funded prepaid funeral benefits contract unless any remaining balance, including any applicable finance charge, owed under the contract is paid before the funeral service or the funeral provider agrees in writing to another payment arrangement.(c)  This section does not affect a purchaser's right to cancel a trust-funded prepaid funeral benefits contract.|Added by Acts 2009, 81st Leg., R.S., Ch. 263 (H.B. 1468), Sec. 1, eff. September 1, 2009.|
TX Fin Code § 154.301 (2021)
2021 Texas Statutes|Finance Code|Title 3 - Financial Institutions and Businesses|Subtitle E - Other Financial Businesses|Chapter 154 - Prepaid Funeral Services|Subchapter G. Abandoned Contracts|Section 154.301. Presumption of Abandonment

Sec. 154.301.  PRESUMPTION OF ABANDONMENT.  (a)  Money paid by a purchaser of a prepaid funeral benefits contract is personal property subject to presumption of abandonment and delivery to the comptroller under Title 6, Property Code.  This subchapter controls in case of conflict with that title.(b)  Money paid by a purchaser of a prepaid funeral benefits contract and held in the name of the seller at a depository under Subchapter F  is presumed abandoned if:(1)  the amount due the seller from the purchaser under the contract has been collected and:(A)  the seller has not known the existence and location of the purchaser or the beneficiary of the contract for the three preceding years;(B)  according to the knowledge and records of the seller, a claim to the money or contract has not been asserted or an act of ownership of the money or contract has not been exercised during the three preceding years;(C)  at least 60 years have elapsed since the date the purchaser executed the contract;  and(D)  at least 90 years have elapsed since the date of birth of the beneficiary of the contract;  or(2)  the amount due the seller from the purchaser under the contract has not been paid and during the three preceding years:(A)  the purchaser has not made a payment to the seller under the contract;(B)  the seller has not known the existence and location of the purchaser or the beneficiary of the contract;  and(C)  according to the knowledge and records of the seller, a claim to the money or contract has not been asserted and an act of ownership of the money or contract has not been exercised.(c)  For purposes of Title 6, Property Code, the seller of the contract for which money is presumed abandoned under Subsection (b) is the holder of the money, and the purchaser or the beneficiary of the contract is the owner of the money.(d)  The presumption of abandonment provided by Subsection (b) does not apply to:(1)  money retained by the seller to cover selling expenses, service costs, and general overhead, as provided by Section 154.252;  and(2)  earnings attributable to money paid by the purchaser under the contract.|Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997.|
TX Fin Code § 154.302 (2021)
2021 Texas Statutes|Finance Code|Title 3 - Financial Institutions and Businesses|Subtitle E - Other Financial Businesses|Chapter 154 - Prepaid Funeral Services|Subchapter G. Abandoned Contracts|Section 154.302. Notice of Abandoned Money

Sec. 154.302.  NOTICE OF ABANDONED MONEY.  On March 1 of each year, a seller that holds money presumed abandoned under Section 154.301(b) shall furnish the commissioner with an acknowledged written notice of the abandoned money not later than the following June 1.  The notice must include:(1)  the name and address, if known, of each person who appears to be the purchaser or the beneficiary of the contract;(2)  the identification number, if any, of the contract;(3)  the total amount paid on the contract;(4)  the amount paid on the contract and held at the depository;(5)  the earnings of the contract; and(6)  a statement by the seller recognizing the seller's obligation and intent to deliver the abandoned money to the comptroller in accordance with this subchapter.|Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997.Amended by: Acts 2019, 86th Leg., R.S., Ch. 446 (S.B. 1822), Sec. 1, eff. September 1, 2019.|