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Senate committee hears bill to broaden investments for prepaid funeral trusts
Summary
Senate Business, Labor, and Economic Affairs heard SB 305, which would replace a statutory investment limitation for prepaid funeral trusts with a 'prudent investor' standard, proponents say the change could raise consumer returns while preserving reporting requirements to the Department of Labor.
Senate Business, Labor, and Economic Affairs on Tuesday heard Senate Bill 305, introduced by Senator Mike Cuff, to change how prepaid funeral trusts in Montana may be invested. Cuff said the measure would strike a decades-old statutory limitation and replace it with the more flexible "prudent investor" standard found in title 2, chapter 28, allowing trustees to seek higher returns for consumers.
The bill’s supporters, including the Montana Funeral Directors Association, told the committee the change is narrowly targeted at improving consumer outcomes. "This…
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