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Alaska statues regarding Structured Settlements.

LIMITED RUN SHOWING ALL ADDITIONAL SPONSORSHIPS
CS FOR HOUSE BILL NO. 64(JUD)
IN THE LEGISLATURE OF THE STATE OF ALASKA
TWENTY-THIRD LEGISLATURE - FIRST SESSION

BY THE HOUSE JUDICIARY COMMITTEE

Offered: 3/10/03
Referred: Rules

Sponsor(s): REPRESENTATIVES FOSTER, Dahlstrom, Wolf, Gara, McGuire, Lynn

A BILL

FOR AN ACT ENTITLED

"An Act relating to court approval of the purchase of structured settlements."

BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF ALASKA:


* Section 1. AS 09.68 is amended by adding new sections to read:

Sec. 09.68.200. Conditions to transfers of structured settlement payment

rights and structured settlement agreements. (a) A transfer of structured

settlement payment rights is not effective and a structured settlement obligor or

annuity issuer is not required to make a payment directly or indirectly to a transferee

of structured settlement payment rights unless the transfer has been approved by a

superior court based on the court's written express findings that

  (1) the structured settlement arose from an action filed in Alaska or

  that could have been filed in Alaska, or the payee of the structured settlement is

  domiciled in Alaska;

  (2) the transfer complies with the requirements of AS 09.68.200 -

  09.68.230, other applicable state and federal law, and the orders of any court;

  (3) not less than 10 days before the date on which the payee first

  incurred an obligation with respect to the transfer, the payee has received by certified

  mail, return receipt requested, or other means that provide a comparable record of

  delivery, a disclosure statement in bold type, no smaller than 14 points, specifying

      (A) the amounts and due dates of the structured settlement

      payments to be transferred;

      (B) the aggregate amount of the payments;

      (C) the discounted present value of the payments, together with

      the discount rate used in determining the discounted present value;

       (D) the gross amount payable to the payee in exchange for the

      payments;

       (E) an itemized listing of all broker's commissions, service

      charges, application fees, processing fees, closing costs, filing fees, referral

      fees, administrative fees, legal fees, notary fees, and other commissions, fees,

      costs, expenses, and charges payable by the payee or deductible from the gross

      amount otherwise payable to the payee;

      (F) the net amount payable to the payee after deduction of all

      commissions, fees, costs, expenses, and charges described in (E) of this

      paragraph;

       (G) the quotient, expressed as a percentage, obtained by

      dividing the net payment amount by the discounted present value of the

      payments; and

      (H) the amount of any penalty and the aggregate amount of any

      liquidated damages, including penalties, payable by the payee in the event of a

      breach of the transfer agreement by the payee;

  (4) the payee has established that the transfer is in the best interests of

  the payee and the payee's dependents;

   (5) the payee has received independent professional advice regarding

  the legal, tax, and financial implications of the transfer;

  (6) the transferee has given written notice of the transferee's name,

  address, and taxpayer identification number to the annuity issuer and the structured

  settlement obligor and has filed a copy of the notice with the court; and

  (7) the transfer agreement provides that any disputes between the

  parties will be governed, interpreted, construed, and enforced in accordance with the

  laws of this state and that the domicile state of the payee is the proper venue to bring

  any cause of action arising out of a breach of the agreement; the transfer agreement

  must also provide that the parties agree to the jurisdiction of any court of competent

  jurisdiction located in this state.

       (b) If the transfer would contravene the terms of the structured settlement,

      upon the filing of a written objection by any interested party and after considering the

      objection and any response to it, the court may grant, deny, or impose conditions upon

      the proposed transfer as the court considers just and proper under the facts and

      circumstances in accordance with established principles of law. Any order approving

      a transfer must require that the transferee indemnify the annuity issuer and the

      structured settlement obligor for any liability including reasonable costs and attorney

      fees arising from compliance by the issuer or obligor with the order of the court.

       (c) A provision in a transfer agreement giving a transferee power to confess

      judgment against a payee is unenforceable to the extent the amount of the judgment

      would exceed the amount paid by the transferee to the payee, less any payments

      received from the structured settlement obligor or the payee.

Continue to Part 2 >>