New York S 6562: Relates to preneed insurance premiums

Bill Text

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S06562 Summary:

BILL NOS06562 

&nbsp

SAME ASNo Same As

&nbsp

SPONSORLANZA

&nbsp

COSPNSR

&nbsp

MLTSPNSR

&nbsp

Amd §453, Gen Bus L; amd §§107 & 3208, Ins L; amd §3450, Pub Health L

&nbsp

Relates to preneed insurance premiums.

Go to top S06562 Actions:

BILL NOS06562 

&nbsp

03/17/2025REFERRED TO CONSUMER PROTECTION

01/07/2026REFERRED TO CONSUMER PROTECTION

Go to topS06562 Committee&nbspVotes:

Go to topS06562 Floor&nbspVotes:

There are no Assembly votes for this bill in this legislative session.

Go to topS06562 Text:

 STATE OF NEW YORK
 ________________________________________________________________________

 6562

 2025-2026 Regular Sessions

 IN SENATE

 March 17, 2025
 ___________

 Introduced by Sen. LANZA -- read twice and ordered printed, and when
 printed to be committed to the Committee on Consumer Protection

 AN ACT to amend the general business law, the insurance law and the
 public health law, in relation to preneed insurance; and providing for
 the repeal of such provisions upon expiration thereof

 The People of the State of New York, represented in Senate and Assem-
 bly, do enact as follows:

 1 Section 1. Paragraph (a) of subdivision 1 of section 453 of the gener-
 2 al business law, as amended by chapter 642 of the laws of 2019, is
 3 amended to read as follows:
 4 (a) Any and all moneys paid to a funeral firm, funeral director,
 5 undertaker, cemetery, or any other person, firm or corporation, under or
 6 in connection with an agreement, or any option to enter into an agree-
 7 ment, for the sale of merchandise to be used in connection with a funer-
 8 al or burial, or for the furnishing of personal services of a funeral
 9 director or undertaker, wherein the merchandise is not to be actually
 10 physically delivered or the personal services are not to be rendered
 11 until the occurrence of the death of the person for whose funeral or
 12 burial such merchandise or services are to be furnished shall continue
 13 to be the money of the person making such payment and shall be held in
 14 trust for such person by the funeral firm, funeral director, undertaker,
 15 cemetery or any other person, firm or corporation to whom such payment
 16 is made and shall, within ten business days of receipt, be deposited in
 17 an interest bearing account in a bank, national bank, federal savings
 18 bank, federal savings and loan association, savings bank, savings and
 19 loan association, credit union, or federal credit union within the state
 20 and duly authorized to receive deposits in the state of New York and
 21 which shall earn interest at a rate which shall be at not less than the
 22 prevailing rate of interest earned by other such deposits in such banks,
 23 savings banks, savings and loan associations, or credit unions under
 24 this section, or shall be placed in a trust company in an investment

 EXPLANATION--Matter in italics (underscored) is new; matter in brackets
 [ ] is old law to be omitted.
 LBD10594-01-5

 S. 6562 2

 1 backed by the government of the United States and shall not be commin-
 2 gled with other moneys of the funeral firm, funeral director, undertak-
 3 er, cemetery, or other person, firm or corporation or become the funds
 4 of the funeral firm, funeral director, undertaker, cemetery, or other
 5 person, firm or corporation, and shall be so held on deposit, together
 6 with any interest thereon with interest earned being accrued daily and
 7 credited monthly, until said merchandise has been actually physically
 8 delivered and said personal services have been rendered, unless sooner
 9 repaid, in whole or in part; provided, however, that any and all money
 10 paid to a life insurance company as premium for preneed life insurance
 11 as defined in section one hundred seven of the insurance law shall be
 12 considered as premium paid to an insurer. No funeral firm, funeral
 13 director, undertaker, cemetery or any other person, firm or corporation,
 14 shall discharge the obligation established under this section to deposit
 15 or place money with a bank, national bank, federal savings bank, federal
 16 savings and loan association, savings bank, savings and loan associ-
 17 ation, credit union, federal credit union or trust company within the
 18 state through a surety bond or other financial in