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SB 654, 63rd R.S.
Providing that purchasers of contracts for prepaid funeral benefits shall constitute a lawful group for the issuance of a group contract of decreasing term life insurance by a life insurance company authorized to do business in the State of Texas; providing that the amount to insurance relative to any particular purchaser of such contract shall at all times approximate the future unpaid balance thereof; providing that the seller shall have an insurable interest in the life of any purchaser of such contract to the extent of any unpaid balance thereof; providing that the proceeds of any insurance policy received by the seller on the life of a purchaser of such contract shall be applied to the reduction of elimination of any unpaid balance thereof; excepting from coverage of this Act contracts covered in Section 1a of said Article; providing for severability; providing that all laws or parts of law which are in conflict with this Act are repealed or modified to the extent of such conflict only.

Chamber Action Comments  Date 
S Filed   03/08/1973
S Read first time   03/09/1973
S Referred to Committee on Economic Development   03/09/1973
S Committee hearing date   04/09/1973
S Reported favorably as amended   04/09/1973
S Laid before Senate   04/12/1973
S Read second time   04/12/1973
S Amendments   04/12/1973
S Passed to engrossment as amended   04/12/1973
S Passed   04/12/1973
S Sent to House   04/12/1973
H Received from the Senate   04/12/1973
H Read first time   04/17/1973
H Referred to Committee on Business and Industry   04/17/1973
H Correction in referral   04/18/1973
H Referred to Committee on Insurance   04/18/1973
H Reported favorably   04/24/1973
H Sent to Calendar Committee   04/25/1973
H Read second time   05/05/1973
H Passed to third reading   05/05/1973
H Votes recorded   05/05/1973
H Read third time   05/05/1973
H Passed   05/05/1973
H Votes recorded   05/05/1973
S House passage reported   05/07/1973
S Signed   05/08/1973
H Signed   05/09/1973
S Sent to Governor   05/08/1973
S Signed by Governor   05/18/1973
S Effective immediately   05/18/1973

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