(1) Notwithstanding the failure of a preneed contract for funeral services beneficiary's heirs, assigns, or duly authorized representative to cancel a preneed contract for funeral services within one hundred sixty-eight hours after the death of the preneed contract beneficiary, each contract seller shall require a trustee with whom preneed contract funds have been deposited for a preneed contract that is unclaimed to report to the state treasurer as provided in section 38-13-401. The trustee shall comply with the requirements of the "Revised Uniform Unclaimed Property Act", article 13 of title 38, for deposit of the unclaimed preneed contract funds into the unclaimed property trust fund created in section 38-13-801 (1)(a). (2) A preneed contract for funeral services is unclaimed at the earlier of the following: (a) Three years after the date on which the contract seller has knowledge of the death of the preneed contract beneficiary, obtained through any source, including a declaration of death, a death certificate, a comparison of the contract seller's records against the United States social security administration's death master file, or other equivalent resource; (b) The date the preneed contract beneficiary, if living, would have attained one hundred fifteen years of age; or (c) Sixty-five years from the date that the preneed contract was executed. (3) For purposes of this section, the amount reportable for an unclaimed preneed contract is the amount paid by the purchaser to the contract seller, less selling costs not to exceed fifteen percent of the total preneed contract price, liquidated damages, and contractual offsets, as authorized by law. (4) Subsection (2)(a) of this section does not require a contract seller to compare the contract seller's records to the United States social security administration's death master file.
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