Texas § FI.154.263 - WITHDRAWAL OF EARNINGS ATTRIBUTABLE TO CONTRACT

§ FI.154.263. WITHDRAWAL OF EARNINGS ATTRIBUTABLE TO CONTRACT

WITHDRAWAL OF EARNINGS ATTRIBUTABLE TO CONTRACT. On the maturity date of a trust-funded prepaid funeral benefits contract as provided by Section 154.262 and after the funeral provider has performed its obligations under the contract, or at the time of cancellation of the contract as provided by Section 154.155 or 154.254 , the seller may withdraw from an account described by Section 154.253 : (1) the proportionate part of the earnings that the amount deposited under the contract bears to the total amount deposited from all unmatured contracts, less the amount of excess earnings that was withdrawn in accordance with prior law; or (2) if the commissioner has determined that the records of the permit holder are adequate to allow this method to be exercised accurately, an amount equal to the actual earnings on individual matured contracts, less any properly allocated expenses permitted by this subchapter and less the amount of excess earnings that was withdrawn in accordance with prior law. Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997.