Texas Finance Code 154.254 – Amount Payable On Cancellation of Contract
Current as of: 2024 | Check for updates
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Terms Used In Texas Finance Code 154.254
- Contract: A legal written agreement that becomes binding when signed.
- Year: means 12 consecutive months. See Texas Government Code 311.005
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.