Texas Finance Code 154.156 – Waiver of Right of Cancellation
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(a) The purchaser of a prepaid funeral benefits contract may irrevocably waive the purchaser’s right to cancel the contract under § 154.155. The waiver must be in a separate writing signed by the purchaser and the seller and must comply with the plain language requirements for the form of a sales contract under § 154.151.
(b) A waiver made under this section does not affect:
(1) a right the purchaser has under the contract to change the beneficiary of the contract;
(2) the purchaser’s right to cancel the contract under § 154.413;
(3) an abandonment of the money paid by the purchaser under the contract as provided by Subchapter G; or
(4) a modification to the contract as provided by § 154.1551.
Terms Used In Texas Finance Code 154.156
- Beneficiary: A person who is entitled to receive the benefits or proceeds of a will, trust, insurance policy, retirement plan, annuity, or other contract. Source: OCC
- Contract: A legal written agreement that becomes binding when signed.
- Signed: includes any symbol executed or adopted by a person with present intention to authenticate a writing. See Texas Government Code 311.005