WyomingHB 1812025 General SessionHouseWALLET

AN ACT relating to insurance; amending investment authorization for prepaid or prearranged funeral contract proceeds; amending related surety bond provisions; specifying application of purchase monies and investment earnings; requiring notice to contract purchasers; and providing for effective dates.

Sponsored By: Lloyd Larsen (Republican)

Signed by Governor

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Bill Overview

Analyzed Economic Effects

3 provisions identified: 1 benefits, 0 costs, 2 mixed.

New notices, no cancellations for prepaid funerals

Beginning July 1, 2025, buyers must be given clear notices about where money may be invested, the risks, and any cancellation rights. After your payments go into an irrevocable pre-need trust, you cannot cancel the contract or get the money back. Contracts signed before July 1, 2025 are not changed by this law.

Rules for sellers of prepaid funeral funds

Starting July 1, 2025, the Department of Insurance supervises and audits prepaid funeral funds and sets how they are received, invested, and withdrawn. Sellers may place proceeds in an irrevocable pre-need funeral trust that follows state trust investment rules. Investment earnings in those trusts may belong to the seller, but can be taken out only when the trust principal can be withdrawn. If those trust investments follow state law, the commissioner cannot require more than the normal minimum surety bond.

When these funeral contract rules start

The Department of Insurance must write rules to carry out this law, and that work begins when the bill becomes law. Most changes take effect July 1, 2025.

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Sponsors & Cosponsors

Sponsor

  • Lloyd Larsen

    Republican • House

Cosponsors

  • Landon Brown

    Republican • House

  • Christopher Knapp

    Republican • House

  • Art Washut

    Republican • House

  • Wendy Schuler

    Republican • Senate

Roll Call Votes

All Roll Calls

Yes: 103 • No: 0

Senate vote 2/24/2025

S 3rd Reading:Passed 30-0-1-0-0

Yes: 30 • No: 0

Senate vote 2/19/2025

S09 - Minerals:Recommend Do Pass 4-0-1-0-0

Yes: 4 • No: 0

House vote 2/6/2025

H 3rd Reading:Passed 61-0-1-0-0

Yes: 61 • No: 0

House vote 1/28/2025

H03 - Revenue:Recommend Amend and Do Pass 8-0-1-0-0

Yes: 8 • No: 0

Actions Timeline

  1. Governor Signed HEA No. 0027

    2/27/2025Governor
  2. Assigned Chapter Number 48

    2/27/2025
  3. S 3rd Reading:Passed 30-0-1-0-0

    2/24/2025Senate
  4. Assigned Number HEA No. 0027

    2/24/2025
  5. H Speaker Signed HEA No. 0027

    2/24/2025House
  6. S President Signed HEA No. 0027

    2/24/2025Senate
  7. S 2nd Reading:Passed

    2/21/2025Senate
  8. S COW:Passed

    2/20/2025Senate
  9. S09 - Minerals:Recommend Do Pass 4-0-1-0-0

    2/19/2025Senate
  10. S Placed on General File

    2/19/2025Senate
  11. S Introduced and Referred to S09 - Minerals

    2/11/2025Senate
  12. S Received for Introduction

    2/7/2025Senate
  13. H 3rd Reading:Passed 61-0-1-0-0

    2/6/2025House
  14. H 2nd Reading:Passed

    2/5/2025House
  15. H COW:Passed

    2/4/2025House
  16. H03 - Revenue:Recommend Amend and Do Pass 8-0-1-0-0

    1/28/2025House
  17. H Placed on General File

    1/28/2025House
  18. H Introduced and Referred to H03 - Revenue

    1/24/2025House
  19. H Received for Introduction

    1/15/2025House
  20. Bill Number Assigned

    1/14/2025

Bill Text

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