(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 § 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.

contract signature

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Terms Used In South Carolina Code 32-7-30

  • Contract: A legal written agreement that becomes binding when signed.
  • Financial institution: means a bank, trust company, or savings and loan association authorized by law to do business in this State. See South Carolina Code 32-7-10
  • Provider: means a funeral home licensed in this State which is the entity providing services and merchandise pursuant to a preneed funeral contract and is designated trustee of all funds. See South Carolina Code 32-7-10
  • Purchaser: means the person who is obligated to make payments under a preneed funeral contract. See South Carolina Code 32-7-10
  • Trustee: A person or institution holding and administering property in trust.

(C) This section does not apply if the contract is irrevocable.

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