Section 6-11-50 – Short Title.
Section 6-11-50 Short title. This article shall be known and referred to as the “Structured Settlement Protection Act.” (Act 2006-628, p. 1714, §1.)
Section 6-12A-3 – Tobacco Product Manufacturer Certification; Directory; Stamping, Sale, or Import of Cigarettes Not in Directory.
Section 6-12A-3 Tobacco product manufacturer certification; directory; stamping, sale, or import of cigarettes not in directory. (a) Certification. Every tobacco product manufacturer whose cigarettes are sold in this state whether directly or through a distributor, retailer, or similar intermediary or intermediaries shall execute and deliver on a form prescribed by the commissioner, a certification to […]
Section 6-11-51 – Definitions.
Section 6-11-51 Definitions. As used in this article the following words and terms shall have the following meanings: (1) ANNUITY ISSUER. An insurer that has issued a contract to fund periodic payments under a structured settlement. (2) DEPENDENTS. A payee’s spouse and minor children and all other persons for whom the payee is legally obligated […]
Section 6-12A-4 – Agent for Service of Process.
Section 6-12A-4 Agent for service of process. (a) Agent for service of process required. Any non-resident or foreign non-participating manufacturer that has not registered to do business in the state as a foreign corporation or business entity, as a condition precedent to having its brand families listed or retained in the directory, shall appoint and […]
Section 6-11-52 – Disclosure Statement.
Section 6-11-52 Disclosure statement. Not less than three days prior to the date on which a payee signs a transfer agreement, the transferee shall provide to the payee a separate disclosure statement, in bold type no smaller than 14 points, setting forth all of the following: (1) The amounts and due dates of the structured […]
Section 6-12A-5 – Reporting to Commissioner; Disclosure; Escrow Fund.
Section 6-12A-5 Reporting to commissioner; disclosure; escrow fund. (a) Reporting by wholesalers and distributors. Not later than 20 days after the end of each month, and more frequently if so directed by the commissioner, each wholesaler and distributor shall submit all the information the commissioner requires to facilitate compliance with this chapter, including, but not […]
Section 6-11-53 – Advanced Approval by Court Required; Hearing.
Section 6-11-53 Advanced approval by court required; hearing. 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 approved in advance […]
Section 6-12A-6 – Penalties; Unlawful Practices.
Section 6-12A-6 Penalties; unlawful practices. (a) Revocation of stamping privileges and civil penalty. In addition to or in lieu of any other civil or criminal remedy provided by law, upon a determination that a wholesaler, distributor, or any person has violated subsection (c) of Section 6-12A-3, or any regulation adopted pursuant thereto, the commissioner may […]
Section 6-11-54 – Effects of Transfer of Rights.
Section 6-11-54 Effects of transfer of rights. (a) Following a transfer of structured settlement payment rights under this article: (1) The structured settlement obligor and the annuity issuer shall, as to all parties except the transferee, be discharged and released from any and all liability for the transferred payments. (2) The transferee shall be liable […]
Section 6-12A-7 – Review; Application for Permit; Rules and Regulations; Costs and Fees; Disgorgement of Profits.
Section 6-12A-7 Review; application for permit; rules and regulations; costs and fees; disgorgement of profits. (a) Notice and review of determination. A tobacco product manufacturer who does not agree with a determination by the commissioner to not list or to remove from the directory a brand family or tobacco product manufacturer shall be entitled to […]