The following words and terms, when used in §25.19 and §25.20 of this title (relating to Notice of Seizure; and the Bid Process and Guaranty Fund Claims Filing Procedures and Eligibility for Payment Standards), shall have the following meanings, unless the context clearly indicates otherwise.

1. (1) Commissioner--The banking commissioner of Texas or the commissioner's designee.
2. (2) Council or Guaranty Fund Advisory Council--The Prepaid Funeral Contract Guaranty Fund Advisory Council created by Finance Code, §154.355, to supervise operation and maintenance of the prepaid funeral contract guaranty fund.
3. (3) Department--The Texas Department of Banking.
4. (4) Funeral provider--An individual, firm, partnership, corporation, or association licensed by the Texas Funeral Service Commission to provide funeral services and merchandise in the State of Texas.
5. (5) Guaranty fund--The prepaid funeral contract guaranty fund created, operated, and maintained pursuant to Finance Code, Chapter 154, Subchapter H, for the purpose of guaranteeing performance of prepaid funeral contracts.
6. (6) Non-permit holder--An individual, firm, partnership, corporation, or association that does not hold a permit to sell prepaid funeral benefits in the State of Texas.
7. (7) Permit--A permit to sell prepaid funeral benefits issued by the commissioner pursuant to Finance Code, §154.103.
8. (8) Permit holder--An individual, firm, partnership, corporation, or association that holds a valid permit to sell prepaid funeral benefits in the State of Texas.
9. (9) Prepaid funeral contract--A written contract and written amendments thereto sold by a permit holder to provide prepaid funeral benefits in the State of Texas.
10. (10) Prepaid funeral funds--Those funds paid or collected on prepaid funeral contracts, less retainage but including earnings.
11. (11) Purchaser--An individual who has purchased prepaid funeral benefits in the State of Texas from a permit holder on a written contract.
12. (12) Seized funds--Funds arising from seizures of prepaid funeral funds under the Finance Code, §154.412. Seized funds are separate from, and do not become part of, the guaranty fund.

Source Note:The provisions of this §25.18 adopted to be effective June 25, 1993, 18 TexReg 3691; amended to be effective May 14, 1994, 19 TexReg 3247.