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Current as of January 01, 2024 | Updated by Findlaw Staff
(a) The seller of a trust-funded prepaid funeral benefits contract may withdraw money from earnings on an account described by Section 154.253 to pay:
(1) reasonable and necessary trustee's fees or depository fees;
(2) the examination fee for one examination by the department each calendar year; or
(3) the expense of preparation of financial statements required by the department, including those financial statements required by the department instead of an examination.
(b) With the department's prior approval, the seller may withdraw money from earnings on an account to pay:
(1) any tax incurred because of the existence of the account; or
(2) an assessment under Subchapter H. 1
Cite this article: FindLaw.com - Texas Finance Code - FIN § 154.261. Withdrawal of Earnings to Pay Certain Expenses - last updated January 01, 2024 | https://codes.findlaw.com/tx/finance-code/fin-sect-154-261/
FindLaw Codes may not reflect the most recent version of the law in your jurisdiction. Please verify the status of the code you are researching with the state legislature before relying on it for your legal needs.
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