NRS 42.350 – Suspension of registration as structured settlement purchase company; reinstatement of registration. [Effective until the date of the repeal of 42 U.S.C. § 666, the federal law requiring each state to establish procedures for withholding, suspending and restricting the professional, occupational and recreational licenses for child support arrearages and for noncompliance with certain processes relating to paternity or child support proceedings.]
1. If the Unit receives a copy of a court order issued pursuant to NRS 425.540 that provides for the suspension of all professional, occupational and recreational licenses, certificates and permits issued to a person who is registered as a structured settlement purchase company, the Unit shall deem the registration issued to that person to […]
NRS 42.355 – Notice of judgment against structured settlement purchase company; contents of notice.
Not later than 10 days after a judgment is obtained against a structured settlement purchase company by a payee, the structured settlement purchase company shall file a notice with the Unit and, if applicable, the surety which issued the surety bond used by the structured settlement purchase company to satisfy the requirements of NRS 42.340. […]
NRS 42.360 – Surety bond: Liability of surety not affected by certain acts; notice required before cancellation or modification; automatic expiration of registration for cancellation or noncomplying modification; modification or cancellation does not affect liability incurred previously.
1. The liability of the surety which issued a surety bond used by a structured settlement purchase company to satisfy the requirements of NRS 42.340 must not be affected by any: (a) Breach of contract, breach of warranty, failure to pay a premium or other act or omission of the structured settlement purchase company; or […]
NRS 42.365 – Certain persons exempt from registration.
1. An assignee is not required to register as a structured settlement purchase company to acquire structured settlement payment rights or to take a security interest in structured settlement payment rights that were transferred by the payee to a structured settlement purchase company. 2. An employee of a structured settlement purchase company, if acting on […]
NRS 42.370 – Prohibited acts; remedies for violation.
1. A transferee, a structured settlement purchase company and an employee or other representative of a transferee or structured settlement purchase company shall not engage in any of the following actions: (a) Pursue or complete a transfer with a payee without complying with all applicable provisions of NRS 42.200 to 42.400, inclusive. (b) Refuse or […]
NRS 42.295 – “Structured settlement purchase company” defined.
“Structured settlement purchase company” means a person that acts as a transferee in this State and who is registered with the Unit pursuant to NRS 42.340. (Added to NRS by 2021, 1721)
NRS 42.300 – “Structured settlement transfer proceeding” defined.
“Structured settlement transfer proceeding” means a court proceeding filed by a structured settlement purchase company seeking court approval of a transfer in accordance with NRS 42.385. (Added to NRS by 2021, 1721)
NRS 42.305 – “Terms of the structured settlement” defined.
“Terms of the structured settlement,” with respect to any structured settlement, includes, without limitation, the terms of the structured settlement agreement, the annuity contract, any qualified assignment agreement and any order or other approval of any court. (Added to NRS by 2021, 1721)
NRS 42.310 – “Transfer” defined.
“Transfer” means any sale, assignment, pledge, hypothecation or other alienation or encumbrance of structured settlement payment rights made by a payee for consideration. The term does not include the creation or perfection of a security interest in structured settlement payment rights under a blanket security agreement entered into with an insured depository institution, in the […]
NRS 42.265 – “Renewal date” defined.
“Renewal date” means the date on which a registered structured settlement purchase company is required to renew its registration pursuant to NRS 42.340, which date is 1 year after the initial registration or any subsequent renewal. (Added to NRS by 2021, 1721)