Declinable preneed funeral guarantee fee; definition. Amends the definition of "declinable preneed funeral guarantee fee" to specify that a declinable preneed funeral guarantee fee, when offered by a seller, shall not exceed 25 percent of the guaranteed preneed supplies and services included in the funeral contract price. Under current law, a declinable preneed funeral guarantee fee, when offered by a seller, shall not exceed 25 percent of the preneed funeral contract price. The bill also directs the Board of Funeral Directors to amend its regulations to ensure that declinable preneed funeral guarantee fees are used solely to guarantee the cost of preneed supplies and services as described in preneed funeral contracts.

Statutes affected:
Introduced: 54.1-2800
Engrossed: 54.1-2800
Enrolled: 54.1-2800