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 […]