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| 1. It requires that, if money is paid by check, share draft or | | money order under a prearranged funeral or burial plan, the payee | | must instruct the payor to make the instrument payable to the | | financial institution into which it is to be deposited. |
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| | | 2. It requires prearranged funeral and burial plan agreements | | to state the name of the financial institution into which the | | money will be deposited and directs the payor to send a copy of | | the agreement to the named institution. |
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| | | 3. It requires the payee to keep complete records, including | | the name and address of the institution currently in possession | | of the funds. |
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| | | 4. Current law allows the payee to withdraw funds on the | | instructions of the payor. This bill allows the payee only to | | direct the funds to another institution or to the payor. The | | funds may be withdrawn by the payee only upon the death of the | | beneficiary. |
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