If a purchaser is behind on payments for 60 days, how many days do they have to cure the default after the seller cancels the account?

Under Missouri law, when a purchaser falls behind on payments for a certain period, such as 60 days, they are given a limited time frame to cure the default once the seller cancels the account. The regulation specifies that the purchaser has a 15-day period to rectify the default after the account has been canceled. This provision is designed to give purchasers a fair opportunity to catch up on their payments and maintain their contractual agreements.

The 15-day window is critical as it balances the interests of both parties, allowing the seller to protect their financial interests while still affording the buyer a chance to remedy their missed payments. Understanding this timeframe is essential for anyone involved in the funeral directing business, as it affects how contracts are managed and enforced.