549.30 DEFINITIONS. Subdivision 1. Application. For purposes of sections 549.30 to 549.41, the terms defined in this section have the meanings given them. Subd. 2. Annuity issuer. “Annuity issuer” means an insurer that has issued an annuity contract to be used to fund periodic payments under a structured settlement. Subd. 3. MS 2020 [Repealed, 2022 […]
549.35 REGISTRATION; SURETY BOND. Subdivision 1. Registration required. A person shall not act as a transferee, attempt to acquire structured settlement payment rights through a transfer from a payee who resides in this state, or file a structured settlement transfer proceeding unless the person is registered with the secretary to do business in this state […]
549.36 PROHIBITED PRACTICES; PENALTIES. Subdivision 1. Prohibited practices. A transferee or structured settlement purchase company and an employee or other representative of a transferee or structured settlement purchase company shall not engage in the following actions: (1) pursue or complete a transfer with a payee without complying with all applicable provisions of sections 549.30 to […]
549.37 REQUIRED DISCLOSURES TO PAYEE. Not less than ten days before 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-point font, setting forth the following: (1) the amounts and due dates of the structured settlement payments […]
549.38 CONDITIONS AND APPROVAL OF TRANSFERS OF STRUCTURED SETTLEMENT PAYMENT RIGHTS AND STRUCTURED SETTLEMENT AGREEMENTS. Subdivision 1. Conditions; approval. (a) 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 or […]
549.39 EFFECTS OF TRANSFER OF STRUCTURED SETTLEMENT PAYMENT RIGHTS. Following a transfer of structured settlement payment rights: (1) the structured settlement obligor and the annuity issuer may rely on the court order approving the transfer in redirecting periodic payments to an assignee or transferee in accordance with the order approving the transfer and shall, as […]
549.40 PROCEDURE FOR APPROVAL OF TRANSFERS. Subdivision 1. Application; proof of registration. An application under sections 549.30 to 549.41 for approval of a transfer of structured settlement payment rights must be made by the transferee. The application must be brought in the district court of the county in which the payee is domiciled, except that […]
549.405 APPOINTMENT OF ATTORNEY ADVISER. Subdivision 1. Discretionary appointment. The court is authorized and may, in its discretion, appoint an attorney to make an independent assessment and advise the court whether the proposed transfer is in the best interest of the payee, taking into consideration the payee’s dependents, if any. The attorney may consult with […]
549.41 GENERAL PROVISIONS; CONSTRUCTION. Subdivision 1. Waiver prohibited. The provisions of sections 549.30 to 549.41 may not be waived by a payee. Subd. 2. Choice of law; venue. Any transfer agreement entered into by a payee who is domiciled in this state must provide that dispute under the transfer agreement, including any claims that the […]
