Bill > HB0181

This bill modifies Wyoming's regulations for prepaid or prearranged funeral contracts by updating investment and financial oversight requirements. The legislation allows funeral service providers to deposit contract funds into irrevocable pre-need funeral trusts and invest them according to specific state statutes. Importantly, the bill stipulates that earnings from these investments can benefit the seller but can only be withdrawn under specific circumstances, and contract purchasers cannot cancel or demand refunds once funds are deposited in the trust. The bill requires the insurance department to create rules mandating that buyers receive notices about investment types, associated risks, and their limited ability to cancel contracts. The new rules also clarify that no additional surety bond will be required for funds deposited in compliant irrevocable trusts. These changes aim to provide more transparency and standardization in the prepaid funeral contract market while protecting both consumers and funeral service providers. The bill will take effect on July 1, 2025, and will not impact contracts entered into before that date.

Budget and Finance, Business and Industry

https://www.wyoleg.gov/Legislation/2025/HB0181