Section 4717.311 | Confirming the beneficiary is still alive.
(A) The holder of funds for a preneed funeral contract shall, in the calendar year in which the beneficiary of that contract reaches one hundred five years of age, contact the seller or successor seller to inform the seller or successor seller of the beneficiary's one hundred fifth birthday in that calendar year.
(B) The holder and the seller or successor seller shall agree to one of the following:
(1) That the holder shall make a reasonable attempt to confirm that the beneficiary is still alive. If the holder cannot confirm that the beneficiary is still alive during that calendar year, then, within one hundred eighty days of the end of that calendar year, the holder shall report and remit the funds to the director of commerce pursuant to Chapter 169. of the Revised Code.
(2) That the seller or successor seller shall make a reasonable attempt to confirm that the beneficiary is still alive. If the seller or successor seller cannot confirm that the beneficiary is still alive during that calendar year, then, within thirty days of the end of the calendar year, the seller or successor seller shall notify the holder. Within one hundred eighty days of receiving the notification, the holder shall report and remit the funds to the director of commerce pursuant to Chapter 169. of the Revised Code.
Last updated October 20, 2022 at 5:17 PM
Available Versions of this Section
- September 13, 2022 – Enacted by Senate Bill 224 - 134th General Assembly [ View September 13, 2022 Version ]