Michigan SB1066 revises the Prepaid Funeral and Cemetery Sales Act, updating escrow account requirements, registration processes, and disclosure.

Michigan SB1066 amends the Prepaid Funeral and Cemetery Sales Act, impacting escrow account management, registration processes, and disclosure requirements for prepaid contracts. It specifies the percentage of funds that must be held in escrow based on the commission charged, mandates updates to the list of escrow agents, and requires clear disclosure of cancellation rights and refund amounts. The bill also details the registration process for contract sellers and providers, including fees and conditions for renewal and reinstatement.

Michigan SB1066 revises the Prepaid Funeral and Cemetery Sales Act, updating escrow account requirements, registration processes, and disclosure.

Michigan SB1066 amends the Prepaid Funeral and Cemetery Sales Act, impacting escrow account management, registration processes, and disclosure requirements for prepaid contracts. It specifies the percentage of funds that must be held in escrow based on the commission charged, mandates updates to the list of escrow agents, and requires clear disclosure of cancellation rights and refund amounts. The bill also details the registration process for contract sellers and providers, including fees and conditions for renewal and reinstatement.