The contracts governed by the provisions of this chapter may be made irrevocable at the option of the purchaser. If the purchaser selects an irrevocable contract he must be allowed thirty days to examine the contract. Within that period, the purchaser may revoke his decision to enter this contract and all monies paid by the purchaser must be refunded. An irrevocable trust-funded preneed funeral contract executed under this chapter must not be converted to an insurance-funded preneed funeral contract. If a premium is paid on an insurance-funded preneed irrevocable contract and the contract is revoked within thirty days, the full premium must be refunded.
HISTORY: 1989 Act No. 89, Section 1; 1995 Act No. 67, Section 3; 2009 Act No. 70, Section 1, eff July 1, 2009.
Effect of Amendment
The 2009 amendment made nonsubstantive changes.