Colonial pays cash for structured settlements!
Alaska statues
regarding Structured Settlements.
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SHOWING ALL ADDITIONAL SPONSORSHIPS
CS FOR HOUSE BILL
NO. 64(JUD)
IN THE LEGISLATURE OF THE STATE OF ALASKA
TWENTY-THIRD LEGISLATURE - FIRST SESSION
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BY THE HOUSE JUDICIARY COMMITTEE
Offered: 3/10/03
Referred: Rules
Sponsor(s): REPRESENTATIVES FOSTER, Dahlstrom,
Wolf, Gara, McGuire, Lynn
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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 >>
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