Texas Finance Code 154.413 – Notification of Purchaser
Terms Used In Texas Finance Code 154.413
- Contract: A legal written agreement that becomes binding when signed.
- Person: includes corporation, organization, government or governmental subdivision or agency, business trust, estate, trust, partnership, association, and any other legal entity. See Texas Government Code 311.005
- Rule: includes regulation. See Texas Government Code 311.005
Not later than the 30th day after the date prepaid funeral money is seized under § 154.412, the commissioner may notify each known person who purchased prepaid funeral benefits under a contract from the permit holder whose permit is canceled. The notice must:
(1) include an explanation of the procedures under this chapter for canceling the contract and claiming money that may be due the person if the person elects to cancel;
(2) inform the person on continuing to make payments under the contract if the person elects to keep the contract in force; and
(3) inform the person that if the person elects to keep the contract in force the commissioner will transfer:
(A) responsibility to perform the contract to a responsible successor permit holder selected by the commissioner; or
(B) the seized money to the fund maintained under § 154.351,subject to the claims process prescribed by rule under Subchapter H.