What is the penalty fee for failure to pay the annual statement for a pre-need license?

The penalty fee for failing to pay the annual statement for a pre-need license is set at $50 per day. This amount is established to ensure compliance with regulations governing pre-need contracts in the funeral service industry. By imposing a daily penalty, the regulatory body encourages timely payment and adherence to licensing requirements, which are crucial for maintaining consumer protection and industry standards. The specific amount serves as a deterrent for non-compliance, reinforcing the importance of fulfilling obligations related to pre-need funeral agreements. Understanding this penalty is vital for funeral service professionals, as it directly impacts their business operations and financial planning.