W. Va. Code R. § 142-8-9

Current through Register Vol. XLI, No. 50, December 13, 2024

Section 142-8-9 - Contents And Execution Of Contracts

9.1. All preneed funeral contracts which do not follow such official forms as may be promulgated by the Department shall be in writing and contain the following:

9.1.1. The name and address of the contract buyer and the contract beneficiary, if a different person;

9.1.2. Any statement required by the provisions of the Truth in Lending Act and Regulation Z, 15 U.S.C. ''1601 et seq., and 12 C.F.R. '226;

9.1.3. Any notice of cancellation required by the provisions of the Cooling Off Period For Door-to-Door Sales Rule, 16 C.F.R. '429 or the home solicitation sales provisions of W. Va. Code ''46A-2-132 to 135;

9.1.4. Any statement required by the provisions of the Preservation of Consumers' Claims and Defenses Rule, 16 C.F.R. '433;

9.1.5. Unless the contract is made irrevocable under the provisions of section 15 of this rule, a statement that the person shall have the right to cancel the preneed funeral services contract at any time and receive a refund of all monies paid and the return of any documents or instruments of obligation in the seller's possession: Provided, That, if any goods or services are being sold under the contract which are not "burial goods," "funeral goods" or "funeral services" as defined in W. Va. Code '47-14-2 and the contract seller wishes to retain monies paid therefor or the ten percent (10%) exclusion permitted by W. Va. Code '47-14-5, such right of retention and exclusion shall be clearly and conspicuously set forth on the face of the contract in a clause which must be separately acknowledged by the contract buyer;

9.1.6. Statements particularly describing all limitations, terms , and conditions of the contract and all rights and duties of the parties under the contract, including, but not limited to:

9.1.6.a. The total cost of such contract;

9.1.6.b. The amount of each periodic payment;

9.1.6.c. The timing of each periodic payment;

9.1.6.d. The amount of any finance charge assessed and the rate of assessment of finance charges;

9.1.6.e. The total of all payments under the contract including the downpayment;

9.1.6.f. Whether the seller is taking a security interest in any property in which the contract buyer has any interest;

9.1.6.g. The name and address of the contract seller and a contract number commencing with the digits of the year such contract was sold and a readily identifiable chronological numbering method;

9.1.6.h. The existence of and method of calculation of any late charges or deferral charges;

9.1.6.i. A statement describing the method of funding of the preneed funeral contract if other than through the establishment of a trust fund;

9.1.6.j. A specific description of the funeral or burial goods and funeral services to be provided, the cost of the goods and services in conformity with the provisions of the Federal Trade Commission's Funeral Practices Rule as in existence on the effective date of this rule, and the name(s) of all provider(s) for the preneed funeral contract.

9.2. Each and every preneed funeral contract shall be signed by the seller or a representative of the seller and the buyer. Such contract shall be dated as of the time of signing and shall contain all representations made during the sales presentation.

9.3. Each and every preneed funeral contract shall be presented to the buyer prior to execution. The contract buyer shall be entitled to review it prior to execution and to remove such contract from the seller's premises to conduct a review. To that end, any offer contained within a preneed funeral contract shall be valid for five (5) business days from the date of presentation of the offer.

9.4. No preneed funeral contract shall be presented to any buyer unless all spaces have either been filled in or marked through.

9.5. Upon execution of a preneed funeral contract, the buyer shall immediately be given a copy of the contract.

9.6. After execution, copies of the preneed funeral contract shall be distributed as follows:

9.6.1. One copy to the buyer;

9.6.2. One copy to be retained by the seller;

9.6.3. One copy for the provider;

9.6.4. One copy for the contract beneficiary if other than the buyer and such distribution is desired by the buyer;

9.6.5. One copy for the trustee, if a separate party; and

9.6.6. One copy to be provided to the Department within ten (10) days of execution.

W. Va. Code R. § 142-8-9