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No fiscal impact to the state is anticipated.
HB 3162 would change the date that a funeral establishment must annually give written notice to the banking commissioner of Texas regarding presumed abandoned money related to prepaid funeral benefits. The notice would be required to be given on March 1, and not later than the following June 1. The current statutory requirement for this notice is June 30 and not later than October 1.
The bill would also allow the commissioner to recover reasonable costs incurred in connection with an investigation into misallocation of prepaid funeral funds or unauthorized sale of prepaid funeral benefits from the person who is the subject of the investigation if the trier of fact determines the person to be in violation.
Texas Action is neutral on HB 3162 because it does not affect our liberty principles.