SF 2194: Relating to preneed sellers and purchase agreements for cemetery merchandise, funeral merchandise, and funeral services, providing penalties, and including applicability provisions

What it does

This bill relates to preneed sellers and purchase agreements (agreement) for cemetery merchandise, funeral merchandise, and funeral services. The bill provides that an agreement shall not be sold or transferred as part of the sale of a business, or the assets of a business, until the seller of the business (seller) has provided the buyer of the business (buyer) with copies of all agreements to be assumed by the buyer, as well as the additional information detailed in the bill. Current law requires a certified public accountant to complete a procedures engagement in accordance with the attestation standards established by the American institute of certified public accountants that verifies the adequacy or inadequacy of funding related to the agreements to be sold or transferred.

Lobbying · 4 for, 0 against

For: Federation of Iowa Insurers; Iowa Funeral Directors Association; Iowa Insurance Division; Older Iowans Legislature

In plain words

1. February 3, 2022Filed in the Senate
2. February 3, 2022Approved by the Senate committee
3. April 5, 2022Withdrawn