§676-1 Definitions. As used in this chapter, unless the context otherwise requires: “Annuity issuer” means an insurer that has issued a contract to fund periodic payments under a structured settlement. “Dependents” include a payee’s spouse and minor children and all other persons for whom the payee is legally obligated to provide support, including alimony. “Discounted […]
§676-2 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 fourteen points, setting forth: (1) The amounts and due dates of the structured settlement payments to […]
§676-3 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 […]
§676-4 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, as to all parties except the transferee, shall be discharged and released from any and all liability for the transferred payments; (2) The transferee shall be […]
§676-5 Procedure for approval of transfers. (a) An application under this chapter for approval of a transfer of structured settlement payment rights shall be made by the transferee and may be brought in any court or before any responsible administrative authority: (1) In the county in which the payee resides; (2) In the county in […]
§676-6 General provisions construction. (a) The provisions of this chapter may not be waived by any payee. (b) Any transfer agreement entered into on or after May 26, 2006, 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, […]
