UNITED STATES SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 3
INITIAL STATEMENT OF BENEFICIAL OWNERSHIP OF SECURITIES
1. Name and Address of Reporting Person
Stonecipher, Shirley
Rt. 1, Box 39
Centrahoma, OK 74534
U.S.A.
2. Date of Event Requiring Statement (Month/Day/Year)
April 1998
3. IRS or Social Security Number of Reporting Person (Voluntary)
4. Issuer Name and Ticker or Trading Symbol
Pre-Paid Legal Services, Inc.
PPD
5. Relationship of Reporting Person(s) to Issuer (Check all applicable)
(X) Director ( ) 10% Owner ( ) Officer (give title below) ( ) Other
(specify below)
6. If Amendment, Date of Original (Month/Day/Year)
7. Individual or Joint/Group Filing (Check Applicable Line)
(X) Form filed by One Reporting Person
( ) Form filed by More than One Reporting Person
<TABLE>
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Table I -- Non-Derivative Securities Beneficially Owned |
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1. Title of Security |2. Amount of |3. Ownership |4. Nature of Indirect |
| Securities | Form: | Beneficial Ownership |
| Beneficially | Direct(D) or | |
| Owned | Indirect(I) | |
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<S> <C> <C> <C>
Common Stock |1,076,025 |D (1) | |
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|17,010 |I |by Spouse (2) (3) |
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Table II -- Derivative Securitites Beneficially Owned |
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1.Title of Derivative |2.Date Exer- |3.Title and Amount | |4. Conver-|5. Owner- |6. Nature of Indirect |
Security | cisable and | of Underlying | |sion or |ship | Beneficial Ownership |
| Expiration | Securities | |exercise |Form of | |
| Date(Month/ |-----------------------|---------|price of |Deriv- | |
| Day/Year) | |Amount |deri- |ative | |
| Date | Expira- | |or |vative |Security: | |
| Exer- | tion | Title |Number of|Security |Direct(D) or | |
| cisable | Date | |Shares | |Indirect(I) | |
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<S> <C> <C> <C> <C> <C> <C> <C>
Option - Right to Buy |04/14/97 |04/14/02 |Common Stock |100,000 |$14.25 |I |By Spouse (3) |
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Option - Right to Buy |04/02/98 |04/02/03 |Common Stock |100,000 |$35.875 |I |By Spouse (3) |
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</TABLE>
Explanation of Responses:
(1) These shares are held jointly with the reporting person's spouse.
Reporting person's spouse is Chairman of
the Board and Chief Executive Officer of Issuer
(2) These shares are held by the reporting person's spouse indirectly through
the Issuer's ESOP Trust.
(3) The reporting person disclaims beneficial ownership of these securities,
and this report shall not be deemed
an admission that the reporting person is the beneficial owner of such
securities for purposes of Section 16 or
for any other purpose.
SIGNATURE OF REPORTING PERSON
Shirley Stonecipher
DATE
June 3, 1998
