§ 47-18-2601. Short Title
This part shall be known and may be cited as the “Structured Settlement Protection Act.”
§ 47-18-2602. Part Definitions
As used in this part, unless the context otherwise requires: “Annuity insurer” means an insurer that has issued an insurance policy or annuity contract used to fund periodic payments under a structured settlement; “Applicable law” means state or federal statutes of the United States; “Dependents” includes a payee’s spouse and minor children and all other […]
§ 47-18-2603. Transfer Agreement — Requirements
No direct or indirect transfer of structured settlement payment rights shall be effective and no structured settlement obligor or annuity issuer shall be required to make any payment directly or indirectly to any transferee of structured settlement payment rights unless the transfer has been authorized in advance in a final order of a court of […]
§ 47-18-2604. Circuit Court Jurisdiction — Requirements for Notice — Best Interest Standard — Fees
The circuit court shall have nonexclusive jurisdiction over any approval of a transfer of structured settlement payment rights. An application under this part for approval of transfer of structured settlement payment rights shall be made by the transferee and may be brought: In the county in which the payee resides or where the settlement was […]
§ 47-18-2605. Waiver — Failure to Satisfy Conditions
The provisions of this part may not be waived. No payee who proposes to make a transfer of structured settlement payment rights shall incur any penalty, forfeit any application fee or other payment, or otherwise incur any liability to the proposed transferee based on any failure of such transfer to satisfy the conditions of § […]
§ 47-18-2606. Other Statutory Provisions Remain Valid
Nothing contained in this part shall be construed to authorize any transfer of structured settlement payment rights in contravention of applicable law or to give effect to any transfer of structured settlement payment rights that is invalid under applicable law.
§ 47-18-2607. Applicability
This part shall apply to any transfer of structured settlement payment rights under a transfer agreement entered into on or after June 23, 2000; provided, that nothing contained herein shall imply that any transfer under a transfer agreement reached prior to June 23, 2000 is ineffective.