Relating to prepaid funeral benefits contracts; authorizing a fee.
Impact
This legislation is designed to enhance consumer protection by ensuring that funeral service providers uphold their financial responsibilities. The requirement for sellers to renew permits until all contracts are honored aims to prevent financial misallocation or defalcation of funds intended for prepaid funeral services. Additionally, the bill outlines the authority of the commissioner to investigate and enforce compliance, emphasizing the importance of oversight in this sensitive area of financial transactions. The legal framework established by this bill may result in stricter controls and accountability for funeral service providers, potentially stabilizing the industry as a whole.
Summary
House Bill 1489 aims to regulate prepaid funeral benefits contracts more stringently by amending various sections of the Texas Finance Code. The bill introduces provisions for the transfer of ownership of businesses involved in the sale of prepaid funeral benefits, requiring notification to the relevant department upon any such transfer. It establishes clear obligations for sellers and provides for permit renewals, specifying conditions under which a seller can continue to operate or must cease activities. Notably, sellers with outstanding contracts are mandated to renew their permits until all contracts are fully discharged.
Contention
While the bill is primarily focused on enhancing regulatory measures, it has sparked discussions regarding the balance between consumer protection and the operational flexibility of funeral service providers. Some stakeholders may view the stringent regulations as a burden that could limit the availability of prepaid funeral options for consumers, while advocates emphasize the need for robust safeguards against financial malpractice. As such, the bill's progress may be watched closely by both consumer advocacy groups and industry representatives, each with vested interests in the outcomes of these regulatory changes.
Relating to the regulation of money services businesses; creating a criminal offense; creating administrative penalties; authorizing the imposition of a fee.
Relating to the authorization, licensing, and regulation of casino gaming and sports wagering in this state, to the creation, powers, and duties of the Texas Gaming Commission, to the support of the horse racing industry and reform of horse racing and greyhound racing, and to other provisions related to gambling; imposing and authorizing administrative and civil penalties; imposing taxes; imposing and authorizing fees; requiring occupational licenses; creating criminal offenses.
Relating to the regulation and voluntary licensing of reroofing contractors by the Texas Department of Licensing and Regulation; providing administrative and civil penalties; authorizing fees.
Relating to authorizing the possession, use, cultivation, distribution, delivery, sale, and research of medical cannabis for medical use by patients with certain medical conditions and the licensing of medical cannabis organizations; authorizing fees.
Directs the commissioner of administration, the commissioner of higher education, and statewide elected officials to review certain state contracts to identify any that can be terminated and report to the Joint Legislative Committee on the Budget by March 1, 2016 (EN NO IMPACT See Note)
Requires certain quasi public and nongovernmental entities to submit information to the legislative auditor and be approved by the Joint Legislative Committee on the Budget prior to receiving state monies or assistance
Requires certain quasi public and nongovernmental entities to submit information to the legislative auditor and be approved by the Joint Legislative Committee on the Budget prior to receiving state monies or assistance (RE +$135,000 GF EX See Note)
To Amend The Arkansas Prepaid Funeral Benefits Law; To Regulate Prepaid Benefits Contracts; And To Enhance The Administration Of The Arkansas Prepaid Funeral Benefits Law.
Requires certain contracting entities to submit information to the commissioner of administration prior to contracting with a state agency or receiving monies (OR +$60,000 GF EX See Note)