Late in 2021, PNC Bank threw in the towel. After years of litigation and two appeals, PNC Bank agreed to a settlement with the NPS special deputy receiver. Last month, our Illinois clients began receiving POC notices from the SDR that a portion of their claims for inflation would be honored. Payment of funeral home
seller
Missouri Seller Renewal Reports: When a Contract is not a Contract
Prior to October 31st each year, Missouri preneed sellers must file a renewal/annual report that sets out each preneed contract issued or sold during the reporting period (September 1st through August 31st). We recently had funeral home clients express confusion over when an arrangement with a family constitutes a preneed contract. …
Missouri Seller Records: 2017 Reboot?
This time last year, the hot topic before the Missouri State Board of Embalmers and Funeral Directors was the staff’s proposed regulation to define what constitutes adequate records of a preneed seller. The proposal was revised more than once during 2016, but it was eventually tabled by the Board before any consensus could be reached. …
Missouri Preneed Seller Records: Format of Records
The next section of the Missouri preneed records rule provides the funeral home latitude to maintain records in either a hard paper copy or an electronic format, but so long as the records are provided to the State Board in a timely manner:
All records required to be maintained by a seller may be maintained…
Missouri Seller Records: Timely Deposits to Trust
The next section of the proposed record keeping rule for Missouri preneed sellers addresses the timely deposit of consumer funds to preneed trusts. Missouri’s prior preneed law did not specify when consumer deposits were required to be deposited to trust, and National Prearranged Services exploited that omission. NPS claimed that consumer funds need not be…
Missouri Preneed Records: Trustee’s Deposit Records
In our prior post (Missouri Seller Exams: Timely Deposits), we discussed the receipt and deposit records that funeral homes may be required to maintain. However, to demonstrate that they are complying with the preneed law’s deposit requirements, funeral homes will also be dependent upon the records generated by their funding source to confirm…
Missouri’s June 30th Rules Committee Meeting: Time to Take the Lead
In our January 3rd Post, we described the process (or lack of process) between the State Board of Embalmers and Funeral Directors and the Division staff for establishing the examination procedures that would be applied to preneed sellers for the next five years. The industry railed at the Staff’s recommendations for the scope…
Missouri Preneed Seller Records: Receipt Journal
The first record described in the proposed Missouri recordkeeping regulation could actually require preneed sellers to maintain three, maybe four, sets of journals:
(1) receipt and disbursement journals containing a record of deposits to and withdrawals from both preneed trusts and preneed joint accounts, specifically identifying the date, source, and description of each item deposited…
Missouri Seller Records: The State Board Proposal
At its March meetings, the State Board again received from the Division staff a rule proposal that would define the minimum records that a preneed seller would have to maintain. The first recordkeeping proposal was offered last July, but was never discussed. The recordkeeping proposal was subsequently included on the December agenda, but was only…
Missouri Preneed Seller Renewal: Trick or Treat?
The licenses required to sell or service preneed in Missouri must be renewed annually, with the deadline for filing the required paperwork falling on October 31st. Technically, these licenses expire on Halloween unless the State Board staff has renewed them by that date. But, it is human nature to procrastinate, and many licensees wait until…