Md. Code Regs. 10.29.06.06

Current through Register Vol. 51, No. 22, November 1, 2024

Section 10.29.06.06 - Termination of Preneed Contract

A. Except as otherwise provided in this regulation, a preneed contract may not be terminated by the seller.

B. Except as otherwise provided in this section, a seller may not withdraw from the preneed interest-bearing escrow or trust account the money received from a buyer unless the services and merchandise agreed to in the contract have been provided.

C. At the time a preneed contract is terminated, the seller shall refund to the buyer the payments and interest held for the buyer, if any one of the following conditions occur:

(1) The buyer or the legal representative or representatives of the buyer demands in writing a refund of the payments made except as set forth in Regulation .09 of this chapter;

(2) The business of the seller is discontinued;

(3) The seller is unable to perform under the terms and conditions of the preneed contract for reasons other than an increase in the cost of goods and services; or

(4) The buyer fails to pay the entire contract price before the death of the beneficiary.

Md. Code Regs. 10.29.06.06