§ 75-63-51. Short title
This article shall be known and may be cited as the “Preneed Cemetery and Funeral Registration Act.”
§ 75-63-53. Definitions
As used in this article, unless the context requires otherwise: “Buyer” means the person who purchases the preneed contract. “Cash advance item” means any item of service or merchandise described to a purchaser as a “cash advance,” “accommodation,” “cash disbursement” or similar term. A cash advance item is also any item obtained from a third […]
§ 75-63-55. Preneed contracts to be evidenced in writing on forms approved by and on file with Secretary of State; contracts in violation of article and chapter; contents of written preneed contract; contract to be funded by trust or insurance
No person, firm, partnership, association or corporation may directly or indirectly, or through an agent, engage in the sale of preneed contracts or preneed contracts for caskets except as authorized under this article. Any person, establishment or company required to register under Section 73-11-67 that sells preneed contracts for caskets, either directly or indirectly or […]
§ 75-63-56. Denial, suspension, revocation, cancelation or nonrenewal of registration; grounds; cease and desist order; freezing of disbursements from trust under exceptional circumstances
The Secretary of State may deny, suspend, revoke, cancel or nonrenew any registration on the following grounds: The applicant or registrant has failed to comply with a provision of this article or any valid rule, regulation or order that the Secretary of State has issued; The registrant has obtained its registration through misrepresentation or fraud […]
§ 75-63-57. Record-keeping requirements
The contract provider or its successor shall maintain in this state a copy of all preneed contracts and associated accounts, books and records for a period of the lifetime of each contract and for two (2) years after the death of a contract insured. The trustee shall maintain a copy of all trust documents for […]
§ 75-63-59. Requirements for contract funded by trust
If the contract is funded by trust, the Secretary of State shall be given a copy of the trust agreement, which the Secretary of State shall review and approve in advance. The Secretary of State may at any time require the submission of the trust agreement for review and approval from any preneed provider. The […]
§ 75-63-61. Requirements for contract funded by insurance
If the preneed contract is funded with insurance, and payment is made to the contract seller rather than directly to the life insurance company, the contract seller shall timely submit to the insurance company all premiums collected from the contract purchaser. At the time of death, the proceeds of the policy shall be settled in […]
§ 75-63-63. Preneed contracts to be portable; who may name a substitute provider
Preneed contracts entered into in this state shall be portable. The naming of a substitute provider shall be in writing by the contract beneficiary or by one who is authorized by law to act on their behalf. If the preneed contract is funded by trust, the notice of a substitute provider shall be made to […]
§ 75-63-65. Sellers of preneed contracts required to register with Secretary of State; registration fees; regulations and registration requirements; registration forms
Any establishment or organization that engages in the business of selling preneed merchandise and/or services shall register with the Secretary of State and shall pay a registration fee. A separate registration is required for each separate corporation or business entity. Applicants for registration shall provide the Secretary of State with any information and documents as […]
§ 75-63-67. Annual written or electronic reports of preneed contract sales and of all trust fund account activity to be submitted to Secretary of State; penalty for late reports
Every preneed establishment shall annually submit a written or electronic report to the Secretary of State of its preneed contract sales and performance of those contracts. This report shall be filed on or before March 31 of each year for the calendar year ending the preceding December 31. The Secretary of State shall impose an […]
§ 75-63-68. Conversion of trust funded prepaid funeral benefits to insurance funded prepaid funeral benefits or annuity contract upon appeal to Secretary of State; written disclosure of terms to affected preneed purchasers
A registered preneed contract provider may convert trust funded prepaid funeral benefits to insurance funded prepaid funeral benefits or annuity contracts upon appeal to the Secretary of State. If approved, the Secretary of State shall issue an order authorizing the withdrawal of funds for the provider to purchase preneed insurance or annuity contracts. The preneed […]
§ 75-63-69. Sanctions for violations; procedural requirements; appeal
Whenever it appears to the Secretary of State that any person has engaged, or is about to engage, in any act or practice constituting a violation of any provision of this article or any rule or order under this article, he may, in his discretion, seek any or all of the following remedies: Issue a […]
§ 75-63-70. Joint and several liability of preneed operator’s managers, officers, directors, etc.
Upon a finding by a court of competent jurisdiction of failure to maintain or deposit in the trust account as required by this article, or of fraud, theft or misconduct by the preneed operator’s managers, officers, directors or others who are personally responsible for the waste or unlawful depletion of trust funds, the managers, officers, […]
§ 75-63-71. Disclosure of information contained in registrations, statements, applications, and reports; confidentiality of information obtained through investigation or examination
The information contained in or filed with any registration, statement, application or report may be made available to the public under such rules as the Secretary of State prescribes. Information in the possession of, filed with or obtained by the Secretary of State in connection with any investigation or examination under this article shall be […]
§ 75-63-73. Examination of business or person offering preneed funeral services and merchandise; records open to inspection; subpoena power of Secretary of State
The Secretary of State shall, as often as he deems necessary, examine the business of any person or business offering preneed funeral services and merchandise, whether or not registered in compliance with this article. Any person or business so examined shall produce, upon request, all records requested by the Secretary of State’s examiners. Any trustee […]
§ 75-63-75. Article does not constitute authorization for unlicensed persons to sell life insurance
Nothing in this article shall be construed to authorize the sale of life insurance policies by unlicensed insurance producers which is prohibited by Section 83-17-55, Mississippi Code of 1972.
§ 75-63-77. Change of ownership or control; verified change of ownership application; contents; approval by Secretary of State; liability of seller and buyer
The seller shall apply for change of ownership or control when: The seller transfers all or a portion of the interest in any contract for prepaid funeral merchandise or services; The seller transfers one or more of its establishments for providing funeral merchandise or services; All or a portion of the equity ownership of a […]
§ 75-63-79. Procedure upon cessation of business or revocation or suspension of registration to sell preneed funeral contracts
If a preneed provider ceases to do business or the provider’s license issued by the State Board of Funeral Service is revoked or suspended or the registration to sell preneed funeral contracts is revoked or lapsed and application for a replacement registration has not been filed, the provider shall within thirty (30) days submit to […]
§ 75-63-81. Preneed Contracts Loss Recovery Fund; creation, purpose, administration, loss recovery fee, reimbursement for claims; prohibition against use of existence of fund for sales, solicitation, or inducement to purchase contract; Preneed Contracts Loss Recovery Association; directors, appointment, terms; appeals
There is established a Preneed Contracts Loss Recovery Fund, hereinafter referred to as the “fund,” to be administered by directors of the Preneed Contracts Loss Recovery Association, hereinafter referred to as the “association.” Directors are to be appointed by the Secretary of State. The purpose of the fund is to reimburse the estates, or in […]