seller, may revoke the contract within thirty (30) days after the
date the contract is signed by the purchaser and the seller and that
the contract becomes irrevocable upon the expiration of the thirty
(30) day period;
(3) specify that, if the contract is revoked, the seller shall refund and return to the purchaser, without interest, the cash or insurance policy used to fund the contract;
(4) specify that not more than thirty (30) days after the contract is signed by the purchaser and the seller, the whole of the cash or insurance policy serving as consideration for the contract must be deposited into a trust or escrow authorized by subsection (c) or (d). However, a seller may elect to serve as trustee of a previously existing life insurance contract;
(5) except as provided in subsection (f), unconditionally require that the seller shall deliver all services or merchandise, or both, specified in the contract and receive as consideration for the delivery of services or merchandise, or both, only the cash or insurance policy held in trust or escrow without regard to the solvency of the insurer or the adequacy or loss in value of any cash deposit or insurance policy used to fund a contract;
(6) except as provided in subsection (f), prohibit a seller from imposing additional charges to recover any shortage or difference between the retail prices for services or merchandise, or both, in effect on the date of delivery of the services or merchandise, or both, and the value of the trust or escrow applicable to the contract on the date of delivery;
(7) require that a seller accepting the transfer of a contract permitted under section 13 of this chapter shall honor the requirements and obligations of the contract;
(8) permit the seller to assess a finance charge on a contract sold on an installment basis and require that the seller disclose to the purchaser the applicable requirements of federal and Indiana law;
(9) provide that the contract must comply with the following requirements:
(A) The contract must be made in a form that is:
(i) written in clear and understandable language; and
(ii) printed in a size and style of type that is easy to read.
(B) The contract must describe the services, merchandise, or cash advance items being purchased.
(C) The contract must identify the following by name, address, and telephone number:
(i) The seller.
(ii) The purchaser.
(iii) The contract beneficiary if the beneficiary is an individual other than the purchaser.
(D) The contract must contain the seller's certificate of
authority number and the date of the contract.
(E) The contract must provide that if an item of the particular services or merchandise specified in the contract is unavailable at the time of delivery, the seller shall deliver services or merchandise similar in style, quality, and of equal value to the unavailable item in the place of the item.
(F) The contract must disclose the precise manner in which the contract is to be funded by:
(i) identifying the consideration for the contract;
(ii) identifying the name, number, if known, and issuer of any insurance policy used to fund the contract; and
(iii) including the identity and location of the trustee or escrow agent who is to hold the trust or escrow.
(G) The contract must disclose that the seller reserves the right to assess an extra charge for:
(i) transportation costs;
(ii) services or merchandise incurred in the transport of human remains a distance greater than twenty-five (25) miles from the seller's place of business; and
(iii) service charges necessarily incident to the transport of human remains and in excess of those service charges specified in the contract.
(H) The contract must disclose the following:
(i) The amount, if any, the seller has elected to receive under subsection (c)(1) or subsection (d)(6).
(ii) That a commission or fee may be paid to the seller or the seller's agent on a contract funded under
(b)(1)(B)(i). subdivision (1)(B)(i).
(10) specify that a purchaser has the unrestricted right to designate one (1) or more successor sellers to whom the contract may be transferred under section 13 of this chapter, but that such a transfer is effective only with the consent of the newly designated seller and upon the fulfillment of the other requirements of section 13 of this chapter;
(11) specify that if cash advance items are funded in the contract, the seller agrees to deliver the cash advance items under one (1) of the following alternatives:
(A) Delivery is unconditionally guaranteed at the option of the seller.
(B) Delivery is conditionally guaranteed for a seller and will be equal in value to the total value of the trust or escrow account maintained for the purchaser multiplied by the percentage of the total original contract price represented by cash advance items;
(12) specify that a release from trust or escrow shall occur only upon the seller's delivery of services or merchandise, or both;
individual designated by the insured as the beneficiary of the
death benefit proceeds not later than sixty (60) days after the
receipt and deposit of the proceeds by the seller. The seller may
not qualify as a beneficiary of the remaining amount or the
insurance death benefit. In the case of all other contracts funded
under this chapter, the seller may opt to return the remaining
amount to the individual designated by the purchaser to receive
the remainder or to the purchaser's estate.
(d) An escrow account authorized and established under this chapter must do all of the following:
(1) Be irrevocable and require that the seller deposit all cash or the insurance policy used to fund the contract into the escrow account.
(2) Designate the seller as the recipient of the escrow funds.
(3) Designate an escrow agent qualified under this chapter to act as escrow agent and authorize the escrow agent to assess the charges authorized under section 18 of this chapter.
(4) Require that the escrow account be maintained in the name of the seller and serve as a depository for all cash or insurance policies used to fund contracts sold by the seller.
(5) Permit the investment of and commingling of cash for investment purposes.
(6) Permit the seller to receive an administrative or service fee at the option of the seller. The seller may opt to receive the fee after the day following the date the contract becomes irrevocable. The amount of the fee may not exceed ten percent (10%) of the seller's total contract price for services or merchandise or both.
(7) Require that on delivery of services or merchandise, the escrow agent shall remit to the seller an amount equal to:
(A) the seller's original retail price as set forth in the contract for the services or merchandise delivered; minus
(B) the amount, if any, received by the seller under subdivision (6).
(8) Permit the seller to receive monthly payments of the interest, gains, and dividends earned and the
in the value of the escrow assets to the extent that the total value
of the escrow after a payment authorized under this subdivision
is not less than:
(A) the original contract value of all services or merchandise under the contracts, or parts of the contracts that remain undelivered; minus
(B) the amounts, if any, received by the seller under subdivision (6).
(e) A trust account or an escrow account established under this section must contain a concise written description of all the provisions of this chapter that apply to the account.