Title XXVIII, CONTRACTS AND CONTRACTUAL RELATIONS

436.306. Security tendered, when. — 1. The contractor may tender to the owner acceptable substitute security as set forth in section 436.312 with a written request for release of retainage in the amount of the substitute security. The contractor shall thereupon either: (1) Be ent…

436.309. Subcontractor may tender substitute security, when. — A subcontractor of the contractor may tender to the contractor acceptable substitute security as set forth in section 436.312 with a written request for release of retainage in the amount of the substitute security. T…

436.312. Substitute security requirements. — 1. The following shall constitute acceptable substitute security for purposes of sections 436.306 and 436.309: (1) Certificates of deposit drawn and issued by a national banking association located in this state or by any banking corpo…

436.315. Withholding of retainage prohibited, when. — A contractor shall not withhold from any subcontractor any retainage in excess of the retainage withheld from the contractor by the owner for the subcontractor's work, unless the subcontractor's performance is not in accordanc…

436.318. Release of retainage, payment made. — Upon the release of retainage by the owner to the contractor, other than for substituted security pursuant to sections 436.306 and 436.312, the contractor shall pay to each subcontractor the subcontractor's ratable share of the retai…

436.321. Adjustment in retainage, when. — If it is determined that a subcontractor's performance has been satisfactorily completed and the subcontractor can be released prior to substantial completion of the entire project without risk to the owner involving the subcontractor's w…

436.324. Release of retainage, when. — Within thirty days of the project reaching substantial completion, as defined in section 436.327, all retainage or substitute security shall be released by the owner to the contractor less an amount equal to one hundred fifty percent of the …

436.327. Substantial completion defined. — The project shall be deemed to have reached substantial completion upon the occurrence of the earlier of the architect or engineer issuing a certificate of substantial completion in accordance with the terms of the contract documents or …

436.330. Subcontractor obligations. — Subcontractors and sub-subcontractors of every tier shall comply with the provisions of sections 436.300 to 436.336 in their relations with their sub-subcontractors and suppliers and shall be bound by the same obligations to their sub-subcont…

436.333. Unenforceability of contracts entered into after August 28, 2002. — A contract or agreement formed after August 28, 2002, shall be unenforceable to the extent that its provisions are inconsistent with sections 436.300 to 436.336. If retainage is withheld in violation of …

436.336. Applicability. — Sections 436.300 to 436.336 shall apply to contracts and agreements entered into after August 28, 2002. Sections 436.300 to 436.336 shall apply to all private construction projects, except single-family residential construction and other residential cons…

436.345. Home inspection not required for sale of property, exception. — Notwithstanding any other provision of law to the contrary, no political subdivision shall require a property owner to have a home inspection conducted of a residential property prior to the sale of the prop…

436.350. Definitions. — As used in sections 436.350 to 436.365, unless the context clearly requires otherwise, the following terms shall mean: (1) "Action", any civil lawsuit, action, or proceeding, in contract or tort, or otherwise, for damages or indemnity, brought to assert a …

436.353. Notice of offer to cure defects by contractor, contents — effect on court actions. — 1. The contractor shall provide notice to each homeowner upon entering into a contract for sale, construction, or substantial remodel of a residence of the contractor's right to offer to…

436.356. Court actions arising from construction defects, notice of alleged defect to be given, response of contractor — dispute of claim, procedure — mediation, where to occur. — 1. In every action against a contractor arising from construction or substantial remodel of a reside…

436.359. Rejection of settlement offer by association governing board, effect of — meeting requirements. — 1. If an association's governing board rejects a written settlement offer from the contractor and has satisfied applicable provisions of section 436.356, and upon written re…

436.362. Mediation requirements. — 1. At any time, either a claimant or contractor may offer to resolve a claim against a contractor through mediation. Mediation pursuant to this section shall be nonbinding and independently administered. The contractor and claimant shall mutuall…

436.365. Law not to restrict or inhibit other remedies or ability to contract. — 1. Nothing in sections 436.350 to 436.365 shall be construed to create a theory or cause of action upon which liability may be based or to limit any causes of action or remedies otherwise available t…

436.400. Citation of law — applicability. — The provisions of sections 436.400 to 436.520 shall be referenced as the "Missouri Preneed Funeral Contract Act" and shall apply only to preneed contracts entered into, and accounts created on or after, August 28, 2009, unless otherwise…

436.405. Definitions. — 1. As used in sections 436.400 to 436.520, unless the context otherwise requires, the following terms shall mean: (1) "Beneficiary", the individual who is to be the subject of the disposition or who will receive funeral services, facilities, or merchandise…

436.410. Applicability exceptions. — The provisions of sections 436.400 to 436.520 shall not apply to any contract or other arrangement sold by a cemetery operator for which payments received by or on behalf of the purchaser are required to be placed in an endowed care fund or fo…

436.412. Violations, disciplinary actions authorized — governing law for contracts. — Each preneed contract made before August 28, 2009, and all payments and disbursements under such contract shall continue to be governed by this chapter as the chapter existed at the time the con…

436.415. Provision of certain services required by provider — seller's duties. — 1. Except as otherwise provided in sections 436.400 to 436.520, the provider designated in a preneed contract shall be obligated to provide final disposition, funeral or burial services and facilitie…

436.420. Written contract required, contents — notification to board of provider authorization — seller to provide copy of contract to board upon request. — 1. No person shall be designated as a provider in a preneed contract unless the provider has a written contractual agreemen…

436.425. Contract form, requirements — voidability of contract — waiver of contract benefits for public assistance recipients. — 1. All preneed contracts shall be sequentially numbered and in writing and in a font type and size that are easily read, and shall clearly and conspicu…

436.430. Trust-funded preneed contract requirements. — 1. A trust-funded guaranteed preneed contract shall comply with sections 436.400 to 436.520 and the specific requirements of this section. 2. A seller must deposit all payments received on a preneed contract into the designat…

436.435. Compliance of contracts entered into prior to effective date — investment of trust property and assets — loans against assets prohibited. — 1. To the extent that any provisions in this chapter which come into effect on August 28, 2009, apply to trusts governed under this…

436.440. Provisions applicable to all preneed trusts. — 1. The provisions of this section shall apply to all preneed trusts, including trusts established before August 28, 2009. 2. A preneed trustee may delegate to an agent duties and powers that a prudent trustee of comparable s…

436.445. Trustee not to make decisions, when. — A trustee of any preneed trust, including trusts established before August 28, 2009, shall not after August 28, 2009, make any decisions to invest any trust fund with: (1) The spouse of the trustee; (2) The descendants, siblings, pa…

436.450. Insurance-funded preneed contract requirements. — 1. An insurance-funded preneed contract shall comply with sections 436.400 to 436.520 and the specific requirements of this section. 2. A seller, provider, or any preneed agent shall not receive or collect from the purcha…

436.455. Joint account-funded preneed contract requirements. — 1. A joint account-funded preneed contract shall comply with sections 436.400 to 436.520 and the specific requirements of this section. 2. In lieu of a trust-funded or insurance-funded preneed contract, the seller and…

436.456. Cancellation of contract, when, procedure. — At any time before final disposition, or before the funeral or burial services, facilities, or merchandise described in a preneed contract are furnished, the purchaser may cancel the contract, if designated as revocable, witho…

436.457. Seller's right to cancel, when, procedure. — 1. A seller shall have the right to cancel a trust-funded or joint-account funded preneed contract if the purchaser is in default of any installment payment for over sixty days. 2. Prior to cancelling the contract, the seller …

436.458. Alternative provider permitted, when. — 1. A purchaser may select an alternative provider as the designated provider under the original contract if the purchaser notifies the seller and original provider in writing of the purchaser's intent, stating the name of the alter…

436.460. Seller report to board required, contents — fee — filing of reports. — 1. Each seller shall file an annual report with the board which shall contain the following information: (1) The contract number of each preneed* contract sold since the filing of the last report with…

436.465. Record-keeping requirements of seller. — A seller shall maintain: (1) Adequate records of all preneed contracts and related agreements with providers, trustees of a preneed trust, and financial institutions holding a joint account established under sections 436.400 to 43…

436.470. Complaint procedure — violation, attorney general may file court action. — 1. Any person may file a complaint with the board to notify the board of an alleged violation of this chapter. The board shall investigate each such complaint. 2. The board shall have authority to…

436.480. Death or incapacity of purchaser, transfer of rights and remedies, to whom. — Upon the death or legal incapacity of a purchaser, all rights and remedies granted to the purchaser under sections 436.400 to 436.520 shall be enforceable by and accrue to the benefit of the pu…

436.485. Violations, penalties. — 1. Any person, including the officers, directors, partners, agents, or employees of such person, who shall knowingly and willfully violate or assist or enable any person to violate any provision of sections 436.400 to 436.520 by incompetence, mis…

436.490. Sale of business assets of provider — report to board required, contents. — 1. A provider that intends to sell or otherwise dispose of all or a majority of its business assets, or its stock if a corporation, shall notify the board at least sixty days prior to selling or …

436.500. Sale of business assets by seller, report to board required, contents. — 1. A seller that intends to sell or otherwise dispose of all or a majority of its business assets or its stock shall notify the board at least sixty days prior to selling or otherwise disposing of i…

436.505. Credit life insurance may be offered to purchaser. — A preneed contract may offer the purchaser the option to acquire and maintain credit life insurance on the life of the purchaser. Such insurance shall provide for the payment of death benefits to the seller in an amoun…

436.510. Seller's failure to make timely payment, effect of — rights of purchaser. — If a seller shall fail to make timely payment of an amount due a purchaser or a provider under the provisions of sections 436.400 to 436.520, the purchaser or provider, as appropriate, shall have…

436.520. Rulemaking authority. — 1. The board shall promulgate and enforce rules for administration and enforcement of sections 436.400 to 436.520 including the establishment of the amount of any fees authorized thereunder for the transaction of its business and for standards of …

436.525. Board to maintain certain personal information about purchaser — confidentiality of information. — The board shall maintain as a closed and confidential record, not subject to discovery unless the person provides written consent for disclosure, all personal information a…

436.550. Citation of law. — Sections 436.550 to 436.572 shall be known and may be cited as the "Consumer Legal Funding Act". ­­-------- (L. 2023 S.B. 103)