Contract sellers are required to deposit all funds received from a pre-need contract within how many days after receipt?

In Tennessee, the law stipulates that contract sellers must deposit all funds received from a pre-need contract within thirty days after receipt. This requirement is in place to ensure that consumers’ funds are managed in a responsible manner and are protected. Timely deposits are crucial for maintaining the financial integrity of pre-need funeral service agreements, helping to ensure that the services promised can be delivered when needed.

By mandating a thirty-day time frame for deposits, the regulation aims to safeguard the interests of consumers, ensuring that their money is secured in a manner that respects their investment in future funeral services. This requirement reflects a broader commitment within the funeral service industry to adhere to ethical practices and transparency. In contrast, shorter time frames, such as ten, fifteen, or twenty days, do not align with the established regulations and could potentially jeopardize the financial security of pre-need funds.