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AUSTIN (KXAN) — Hundreds of customers who lost thousands of dollars through prepaid funeral contracts with Peel and Son Funeral Home, Inc. will be repaid, following a KXAN investigation into the company’s illegal sale of those contracts.
KXAN first reported on the Peel and Son prepaid contracts in October of 2018 . The Texas Department of Banking had opened an investigation into the local funeral home business in August because its owner, Billy F. Peel, was illegally selling prepaid funeral benefit contracts. These actions were illegal because Peel wasn’t licensed to sell prepaid funeral contracts.
Peel collected more than $500,000 in prepaid funeral payments from nearly 250 customers, or about 235 contracts, since 2006, according to the department.