Kentucky SB226 regulates preneed burial contracts, including fees and refunds.

Kentucky SB226 amends laws concerning preneed burial contracts. It allows agents to collect an administrative fee of up to 15% of the total contract amount. The bill also mandates that all payments for preneed funeral services be held as trust funds until the death of the person and the full performance of the contract. Additionally, it provides for refunds upon written notice and specifies that the administrative fee cannot be collected more than once per contract or before all installments are paid. The changes apply to contracts entered into after the effective date of the Act.

Kentucky SB226 regulates preneed burial contracts, including fees and refunds.

Kentucky SB226 amends laws concerning preneed burial contracts. It allows agents to collect an administrative fee of up to 15% of the total contract amount. The bill also mandates that all payments for preneed funeral services be held as trust funds until the death of the person and the full performance of the contract. Additionally, it provides for refunds upon written notice and specifies that the administrative fee cannot be collected more than once per contract or before all installments are paid. The changes apply to contracts entered into after the effective date of the Act.