Tex. Fin. Code § 154.155 · Subchapter D. GENERAL PROVISIONS FOR SALES CONTRACTS
CANCELLATION OF CONTRACT.
Text — Current through the 89th 2nd Called Legislative Session, 2025
(a) A purchaser of a prepaid funeral benefits contract may cancel the contract before maturity by giving written notice of cancellation to the seller on forms prescribed by the department. The seller shall maintain copies of the cancellation forms for examination by the department.
(b) Not later than the 30th day after the date of the cancellation notice, the seller of a trust-funded contract shall withdraw and pay to the purchaser money in the depository being held for the purchaser's use and benefit.
(c) The purchaser or seller may not make a partial cancellation or withdrawal.
(d) The purchaser of a trust-funded contract is entitled to receive the actual amount paid by the purchaser and half of all earnings attributable to that money, less the amount permitted to be retained as provided by Section 154.252, except as provided by Subsection (e) and by Sections 154.1511, 154.1551, and 154.254.
(e) A purchaser who cancels a contract on the solicitation of the seller is entitled to withdraw all money paid to the seller and all earnings attributable to that money. If the money is used to purchase a new prepaid funeral benefits contract under a solicitation by the seller, the new contract must protect the purchaser to an extent equal to or greater than that provided by the original contract, as determined by the department. Under the new contract, the cost to the purchaser of the same or substantially the same services or merchandise may not be greater than that provided by the canceled contract.
(f) The cancellation of an insurance-funded contract by the purchaser is subject to Section 154.205.
Notes and commentary — not statutory text
History
Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997. Amended by Acts 2001, 77th Leg., ch. 699, Sec. 7, eff. Sept. 1, 2001.
Amended by:
Acts 2009, 81st Leg., R.S., Ch. 1190 (H.B. 3762), Sec. 10, eff. September 1, 2009.
Source of truth
- Edition
- Current through the 89th 2nd Called Legislative Session, 2025
- Official file
- https://statutes.capitol.texas.gov/Docs/FI/htm/FI.154.htm
- Text hash
- sha256 90d635036790a3ca9e15890355ceffb74a6c70b904a80d38d338c3289c846249
- Composed by
- compose_tx.py 2026-10-05: the Legislative Council's chapter files read in document order; verify_tx.py's independent reading (lxml DOM walk) agrees character for character
This section cites
Provisions in this library that the text above cites, as it prints each citation. A range cited as “ss. 61.13-61.16” links its first and last provisions.
Finance Code
- Tex. Fin. Code § 154.1511CASH ADVANCE ITEMS: NON-GUARANTEED MERCHANDISE AND SERVICES.Printed as Sections 154.1511, 154.1551, and 154.254
- Tex. Fin. Code § 154.1551MODIFICATION AT TIME OF FUNERAL.Printed as Sections 154.1511, 154.1551, and 154.254
- Tex. Fin. Code § 154.205CANCELLATION OF INSURANCE-FUNDED CONTRACT.Printed as Section 154.205
- Tex. Fin. Code § 154.252RETENTION OF MONEY FOR EXPENSES.Printed as Section 154.252
- Tex. Fin. Code § 154.254AMOUNT PAYABLE ON CANCELLATION OF CONTRACT.Printed as Sections 154.1511, 154.1551, and 154.254
Cited by 4 provisions
Provisions in this library whose text cites Tex. Fin. Code § 154.155. Each shows the citation as that text prints it.
Finance Code
- Tex. Fin. Code § 154.156WAIVER OF RIGHT OF CANCELLATION.Printed as Section 154.155
- Tex. Fin. Code § 154.159ADMINISTRATION OF MONEY RECEIVED.Printed as Section 154.155
- Tex. Fin. Code § 154.256STANDARD OF DUTY OF TRUSTEE.Printed as Section 154.155
- Tex. Fin. Code § 154.263WITHDRAWAL OF EARNINGS ATTRIBUTABLE TO CONTRACT.Printed as Section 154.155 or 154.254
Procedural information only. Not legal advice and not a substitute for the advice of an attorney. Confirm the current text with the official publisher before relying on it.