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 […]
Section 5-1112 – Regulations
The Attorney General may adopt regulations to carry out this subtitle.
Section 5-1101 – Definitions
(a) In this subtitle the following words have the meanings indicated. (b) “Discounted present value” means the fair present value of future payments, as determined by discounting payments to the present using the most recently published applicable federal rate for determining the present value of an annuity, as issued by the United States Internal Revenue Service. (c) “Gift” […]
Section 5-1101.1 – Findings and Declaration of General Assembly
The General Assembly finds and declares that it is necessary to regulate transfers of structured settlement payment rights to: (1) Ensure that the transfers are effectuated on fair and reasonable terms and are in the best interests of payees; and (2) Protect payees against deceptive practices.
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 […]