32-1391.07 - Arizona Statutes

32-1391.07. Cancellation; prearranged funeral agreements funded by trust A. If a funeral establishment receives a written request from a purchaser of a prearranged funeral agreement funded by trust to terminate the agreement and refund the trust funds, the funeral establishment shall refund the remaining trust funds to the purchaser within five business days after it receives the request. A financial institution shall release the trust funds to the funeral establishment on receipt of a cancellation request signed by the purchaser and submitted by the funeral establishment. If the beneficiary is deceased, a written request to terminate the agreement may be submitted to the funeral establishment by the person designated on the prearranged funeral agreement, or if that person is not available, a request may be submitted by the person legally responsible for the beneficiary. B. If a request to terminate the agreement is received from the purchaser within three business days after the execution of the agreement, the funeral establishment shall, within five business days after receiving the request, refund all monies paid under the agreement including the full amount of any initial service fee paid by the purchaser.