This bill amends Section 37-19-828 of the Montana Code Annotated to revise the regulations surrounding funeral trust funds. It mandates that any funds received under a contract for prearranged funeral services must be deposited within 10 business days into a banking institution or invested in a savings or building and loan association or credit union that is organized under the laws of Montana, another state, or the United States.

A significant change introduced by this bill is the requirement for these deposits or investments to comply with the prudent investor rule, as outlined in Title 72, chapter 38, part 9, which cannot be waived. This replaces the previous requirement that such deposits or investments must be insured by a federal government instrumentality. The funds will continue to be held in a separate account in the name of the depositor as trustee for the individual contracting for the funeral services, ensuring that the money is protected and used appropriately.

Statutes affected:
LC Text: 37-19-828
SB0305_1(1): 37-19-828
SB0305_1(2): 37-19-828
SB0305_1(3): 37-19-828
SB0305_1(4): 37-19-828
SB0305_1: 37-19-828
SB0305_2(1): 37-19-828
SB0305_2: 37-19-828
SB0305_X(1): 37-19-828
SB0305_X(2): 37-19-828
SB0305_X(3): 37-19-828
SB0305_X(4): 37-19-828
SB0305_X(5): 37-19-828
SB0305_X: 37-19-828