Oklahoma House Bill HB2629

Oklahoma 2023 Regular Session

• Introduced: 2/6/23
• Refer: 2/7/23

Caption

Insurance; Cemetery Merchandise Trust Act; definitions; minimum funding requirement; effective date.

Impact

The proposed changes in HB 2629 aim to provide clearer guidelines for both consumers and providers in the burial merchandise industry. By reformulating the funding requirements, the bill seeks to enhance financial security for individuals purchasing cemetery merchandise, thereby potentially increasing consumer confidence. However, these alterations could impose additional burdens on businesses involved in the sale of cemetery goods, requiring them to adjust their pricing structures to comply with the new funding stipulations. The effective date for these changes is set for November 1, 2023, allowing for a transition period for implementation.

Summary

House Bill 2629 seeks to amend the Cemetery Merchandise Trust Act by redefining key terms associated with cemetery merchandise and establishing new minimum funding requirements for prepaid cemetery merchandise contracts. The bill specifically modifies definitions such as 'cemetery merchandise' to clarify what items are included and excludes certain financial aspects from the purchase price. Furthermore, it mandates a new minimum funding requirement set at 110% of the wholesale cost of the cemetery merchandise, ensuring that sufficient funds are available for the contracts made prior to the delivery of such merchandise.

Contention

While there may not be overtly contentious points specifically recorded for HB 2629, the implications of increased funding requirements may lead to concerns among stakeholders. Some business operators might argue that the new mandates could complicate their existing practices and impact affordability for consumers purchasing cemetery merchandise. Thus, discussions surrounding the balance between consumer protection and the economic viability of cemetery merchandise businesses are likely to emerge as the bill progresses through the legislative process.