(a) At the time the
contract is entered into the contract seller shall furnish each contract buyer
with a duplicate original of the contract and, if said contract requires
services to be performed at a future time by a person other than the contract
seller, then the contract seller shall furnish the contract buyer with a copy
of the instrument between the contract seller and such person obligated to
perform the services agreed upon to be furnished and performed at the price
provided in the contract.
(b) The
contract seller shall file with the commissioner a master copy of each form of
contract offered or sold by such contract seller and a master copy of any form
instrument between the contract seller and a person licensed by the state
whereby said person agreed to actually perform any services under any contracts
offered or sold by the contract seller. In addition, the contract seller shall
furnish the commissioner a written instrument on each contract sold, showing
the names of all parties, the goods or services sold, the consideration
therefor, and the terms of payment.
(c) If any contract contains an agreement for
the performer to furnish services at a future time, the contract shall state
the name and address of the principal office of the person licensed by the
state who will perform such services. If no request for performance of the
contract shall have been received by the contract seller from the next of kin
or legal representative of the decedent within seventy-two hours after the
death of the decedent, then the contract seller shall cause such services to be
performed and such goods supplied in the manner provided in the contract, and
upon the performance of such services, liability under such contract shall be
conclusively deemed terminated.
Any checking account, savings account, certificate of deposit
or other evidence of investment for credit jointly held in the names of a
person (as defined in these regulations) and a licensed embalmer, undertaker,
funeral director or other person regularly engaged in selling or furnishing
funeral supplies or services (which include any embalming, caskets, cemetery
lots, plots; niches, crypts, vaults, markers; cremations or any other thing
incident to the ultimate disposal of dead bodies) shall be conclusively
presumed to have with it an underlying contract which specifically provides for
said services, and said account etc., shall be construed to be a part of a
pre-need contract (as defined herein) and subject to these regulations.
No contract, rider or addendum thereto, shall be offered for
sale in Wyoming if such shall fail to provide for the furnishing of specific
goods or services or both for a specified amount and no contract, rider or
addendum shall contain a clause which provides for the diminution of the value
of said goods or services or both or for an increase in the cost of same,
contingent upon the happening of a future event or the existence in the future
of any condition, economic or otherwise.
(d) In the event of default or termination or
cancellation by the contract seller for any reason whatsoever, said contract
seller shall forthwith tender to the contract buyer all funds deposited on
behalf of the contract buyer in the depository maintained by the contract
seller. Said contract seller shall at the same time pay to the buyer all
interest which has accrued on said funds as determined by the records of the
depository and which otherwise is or was to be the property of the seller. (The
fact that these regulations otherwise allow the contract seller to retain the
interest shall not abrogate this requirement).
In the event of default or termination or cancellation by the
contract buyer, other than by death, the contract seller shall forthwith tender
to the contract buyer 80% of all principal funds which are on deposit as
aforesaid. Accrued interest may be retained by the contract seller.
(e) All contracts shall contain
the words "not insurance" in bold face type on the face of each
contract.
(f) No contract shall
restrict any contract buyer who is receiving old age pension benefits from
making his contract irrevocable in accordance with the rules and regulations of
the State Department of Public Assistance and Social Services.
