§ 23-81-701. Title

This subchapter shall be known and may be cited as the “Structured Settlement Protection Act”.

§ 23-81-702. Definitions

As used in this subchapter: (1) “Annuity issuer” means an insurer that has issued a contract to fund periodic payments under a structured settlement; (2) “Dependents” includes a payee’s spouse and minor children and all other persons for whom the payee is legally obligated to provide support, including alimony; (3) “Discounted present value” means the […]

§ 23-81-703. Required disclosures to payee

Not less than three (3) 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 fourteen (14) points, setting forth: (1) The amounts and due dates of the structured settlement payments to be transferred; (2) […]

§ 23-81-704. Approval of transfers of structured settlement payment rights

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 of structured settlement payment rights unless the transfer has been approved in advance in a final court order or order of […]

§ 23-81-705. Effects of transfer of structured settlement payment rights

Following a transfer of structured settlement payment rights under this subchapter: (1) The structured settlement obligor and the annuity issuer shall be discharged and released from all liability for the transferred payments as to all parties except the transferee; (2) The transferee shall be liable to the structured settlement obligor and the annuity issuer: (A) […]

§ 23-81-706. Procedure for approval of transfers

(a) An application under this subchapter for approval of a transfer of structured settlement payment rights shall be made by the transferee and may be brought: (1) In the county in which: (A) The payee resides; or (B) The structured settlement obligor or the annuity issuer maintains its principal place of business; or (2) In […]

§ 23-81-707. General provisions — Construction

(a) The provisions of this subchapter may not be waived by any payee. (b) (1) Any transfer agreement entered into on or after August 12, 2005, by a payee who resides in this state shall provide that disputes under the transfer agreement, including any claim that the payee has breached the agreement, shall be determined […]