Florida Regulations 69K-8.004: Preneed Contracts; Miscellaneous Provisions
Current as of: 2024 | Check for updates
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(1) Funds received on a preneed contract must be credited to the specific contract and all calculations regarding deposits to trusts or refunds to purchasers must be based on the amount paid by the purchaser or his representative.
(2) An overpayment on a preneed contract shall be refunded to the purchaser by the preneed licensee upon cancellation or fulfillment. With regard to all contracts upon which installment payments are being received on the date this rule becomes effective, any overpayment will be refunded following the receipt or the last installment payment, so long as the overpayment is $5 or greater.
(3) Misapplied or unidentified preneed funds shall be transferred to the correct preneed account immediately upon discovery, and shall be considered deposited timely if the funds were deposited in the trust in accordance with sections 497.458 and 497.464, F.S.
(4) Preneed accounts which are under or over trusted due to computer or manual miscalculations must be corrected immediately upon discovery, on a contract per contract basis.
(5) An executed preneed contract may be amended if the contract change does not affect the description or sales price of merchandise, or the sales price of services or cash advances, as reflected on the originally executed contract. All contract changes must be initialed and dated by the contract purchaser. The contract must be clearly legible before and after any amendments. A contract amendment can be in the form of an addendum to the contract provided the addendum is signed by the purchaser and preneed licensee or cemetery company and is attached to the original contract. If a contract is rewritten, funds credited to the original contract shall be transferred to the rewritten preneed contract within 30 days, but if the rewritten contract is canceled within thirty days, the old contract is reinstated and all funds paid by the purchaser on the new contract shall be returned to the purchaser.
Rulemaking Authority 497.103 FS. Law Implemented 497.457, 497.458, 497.459 FS. History-New 3-20-95, Amended 6-15-95, 8-17-95, 4-10-97, 2-18-03, Formerly 3F-8.004.
Terms Used In Florida Regulations 69K-8.004
- Amendment: A proposal to alter the text of a pending bill or other measure by striking out some of it, by inserting new language, or both. Before an amendment becomes part of the measure, thelegislature must agree to it.
- Contract: A legal written agreement that becomes binding when signed.
- Discovery: Lawyers' examination, before trial, of facts and documents in possession of the opponents to help the lawyers prepare for trial.
(3) Misapplied or unidentified preneed funds shall be transferred to the correct preneed account immediately upon discovery, and shall be considered deposited timely if the funds were deposited in the trust in accordance with sections 497.458 and 497.464, F.S.
(4) Preneed accounts which are under or over trusted due to computer or manual miscalculations must be corrected immediately upon discovery, on a contract per contract basis.
(5) An executed preneed contract may be amended if the contract change does not affect the description or sales price of merchandise, or the sales price of services or cash advances, as reflected on the originally executed contract. All contract changes must be initialed and dated by the contract purchaser. The contract must be clearly legible before and after any amendments. A contract amendment can be in the form of an addendum to the contract provided the addendum is signed by the purchaser and preneed licensee or cemetery company and is attached to the original contract. If a contract is rewritten, funds credited to the original contract shall be transferred to the rewritten preneed contract within 30 days, but if the rewritten contract is canceled within thirty days, the old contract is reinstated and all funds paid by the purchaser on the new contract shall be returned to the purchaser.
Rulemaking Authority 497.103 FS. Law Implemented 497.457, 497.458, 497.459 FS. History-New 3-20-95, Amended 6-15-95, 8-17-95, 4-10-97, 2-18-03, Formerly 3F-8.004.