Section 5-1102 – Transfer of Certain Structured Settlement Payment Rights
(a) A direct or indirect transfer of structured settlement payment rights to a transferee is effective as provided in this subtitle. (b) A structured settlement obligor or annuity issuer may not make any payment directly or indirectly to a transferee of structured settlement payment rights unless the transfer is authorized in an order of a court based […]
Section 5-1103 – Jurisdiction; Notice and Application for Authorization
(a) A petition for a transfer of structured settlement payment rights under § 5–1102 of this subtitle shall be filed: (1) If the payee resides in this State, in the circuit court for the county in which the payee resides; or (2) If the payee does not reside in this State, in the circuit court: (i) That approved the […]
Section 5-1104 – Structured Settlement Established in Resolution of Tort Claim for Compensation for Cognitive Injuries
(a) If, in any proposed transfer of structured settlement payment rights, the structured settlement was established in resolution of a tort claim seeking compensation for cognitive injuries, including any claim arising from childhood exposure to lead paint, the transferee shall: (1) Notify the court, in the petition filed under this subtitle, that the payee may be cognitively […]
Section 5-1105 – Liability for Payment Upon Authorization of Transfer
If a transfer of structure settlement payment rights has been authorized under this subtitle, neither the annuity issuer nor the structured settlement obligor shall have any liability to the payee or to any other party for any payment made to the transferee in accordance with the authorization.
Section 5-1106 – Waiver and Construction
(a) The provisions of this subtitle may not be waived. (b) Nothing contained in this subtitle may be construed to authorize a transfer of structured settlement payment rights in contravention of applicable law or to give effect to a transfer of structured settlement payment rights that is invalid under applicable law.
Section 5-1107 – Registration as Transferee Required
A person may not file a petition for a transfer of structured settlement payment rights under this subtitle unless the person: (1) Is registered with the Attorney General as a structured settlement transferee; or (2) Has a pending application for registration, and the Attorney General has not acted on the application within the time specified in this […]
Section 5-1108 – Application for Registration as Transferee
(a) (1) To apply for registration as a structured settlement transferee, an applicant shall: (i) Submit to the Attorney General under oath an application on the form provided by the Attorney General; and (ii) Pay a registration fee of $2,000, of which $1,500 shall be refundable in the event that the Attorney General denies the application for registration. (2) All […]
Section 5-1109 – Acceptance of Application; Bonding
(a) On acceptance by the Attorney General of a transferee’s application for registration as a structured settlement transferee, the transferee shall promptly: (1) File with the Attorney General an irrevocable letter of credit in the amount of $100,000 issued by a financial institution; (2) Deposit with the Attorney General cash in the amount of $100,000; or (3) File with […]
Section 5-1110 – Denial, Suspension or Revocation of Registration
(a) The Attorney General may suspend or revoke the registration of a structured settlement transferee, or deny an application for registration, if the Attorney General finds that the transferee or any of its employees, affiliates, or agents has: (1) Directly or indirectly paid any fee or charge to any person as an inducement to refer a payee […]
Section 5-1111 – Statement of Fees and Charges by Obligor
If, in connection with a transfer of structured settlement payment rights, a structured settlement obligor imposes total fees and charges in excess of $350, the structured settlement obligor shall submit a statement to the payee and the transferee identifying each person who performed work in connection with the transfer, specifying to the tenth of an […]