Section 1501 – Title.

78B-6-1501. Title. This part is known as the “Structured Settlement Protection Act.” Renumbered and Amended by Chapter 3, 2008 General Session

Section 1502 – Definitions.

78B-6-1502. Definitions. For purposes of this part: (1) “Annuity issuer” means an insurer that has issued a contract to fund periodic payments under a structured settlement. (2) “Dependents” include: (a) a payee’s spouse; (b) a payee’s minor children; and (c) all other persons for whom the payee is legally obligated to provide support, including alimony. […]

Section 1503 – Required disclosures to payee.

78B-6-1503. Required disclosures to payee. Not less than three days prior to 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, setting forth: (1) the amounts and due dates of the structured settlement payments to […]

Section 1504 – Approval of transfers of structured settlement payment rights.

78B-6-1504. Approval of transfers of structured settlement payment rights. Direct or indirect transfer of structured settlement payment rights may not be effective and a structured settlement obligor or annuity issuer may not be required to make any payment directly or indirectly to any transferee of structured settlement payment rights unless the transfer has been approved […]

Section 1505 – Effects of transfer of structured settlement payment rights.

78B-6-1505. Effects of transfer of structured settlement payment rights. Following a transfer of structured settlement payment rights under this chapter: (1) The structured settlement obligor and the annuity issuer shall, as to all parties except the transferee, be discharged and released from any and all liability for the transferred payments. (2) The transferee shall be […]

Section 1506 – Procedure for approval of transfers.

78B-6-1506. Procedure for approval of transfers. (1) An application under this part for approval of a transfer of structured settlement payment rights shall be made by the transferee and may be brought in the county in which the payee resides, in the county in which the structured settlement obligor or the annuity issuer maintains its […]

Section 1507 – General provisions — Construction.

78B-6-1507. General provisions — Construction. (1) The provisions of this part may not be waived by any payee. (2) (a) Any transfer agreement entered into on or after May 6, 2002 by a payee who resides in this state shall provide that disputes under the transfer agreement, including any claim that the payee has breached […]

Section 1508 – Effective date.

78B-6-1508. Effective date. This part shall apply to any transfer of structured settlement payment rights under a transfer agreement entered into on or after May 6, 2002; provided, however, that nothing contained in this part shall imply that any transfer under a transfer agreement reached prior to that date is either effective or ineffective. Renumbered […]