(A) Within thirty days of receipt of a written demand for refund by a purchaser who has paid funds for a preneed funeral contract pursuant to Section 32-7-20(A) or (B) the trustee shall refund to the purchaser the entire amount paid together with all interest, dividends, increases, or accretions earned on the fund except that the provider may retain ten percent of the earnings in the portion of the final year before termination.
(B) After making refund to the trustee pursuant to the provisions of subsection (A), the financial institution is relieved from further liability to any party.
(C) This section does not apply if the contract is irrevocable.
HISTORY: 1962 Code Section 11-173; 1973 (58) 339; 1989 Act No. 89, Section 1; 2009 Act No. 70, Section 1, eff July 1, 2009.
Effect of Amendment
The 2009 amendment made nonsubstantive changes in subsection (A), and, in subsection (B), deleted "or (B)" following "(A)".
Structure South Carolina Code of Laws
Title 32 - Contracts and Agents
Chapter 7 - Preneed Funeral Contracts
Section 32-7-25. Irrevocable contracts.
Section 32-7-30. Refunds upon written demand.
Section 32-7-35. Transfer of preneed funeral contracts.
Section 32-7-40. Deposit of trust funds.
Section 32-7-70. Accounts and records; investigations.
Section 32-7-90. Soliciting and advertising.
Section 32-7-100. Penalties; revocation of license; request for contested case hearing.
Section 32-7-110. Enforcement; investigation of unlicensed providers.
Section 32-7-120. Application of chapter.
Section 32-7-130. Sale at need of granite, memorials, or vaults by licensed funeral director.