Colonial pays cash for structured settlements!

§ 4004. Jurisdiction; procedure for approval of transfers

The court of common pleas of the judicial district in which the payee is domiciled shall have jurisdiction over any petition asrequired under section 3 for a transfer of structured settlement payment rights. Not less than 20 days prior to the scheduled hearing on any petition for authorization of a transfer of structured settlement payment rights under section 3, the payee shall file with the court and serve on the transferee a notice of the proposed transfer and the application for its authorization, including in such notice a copy of the payee's petition to the court, a copy of the transfer agreement, a copy of the disclosure statement required under section 3, notification that the transferee, the structured settlement obligor or the annuity issuer is entitled to support, oppose or otherwise respond to the payee's petition, either in person or by counsel, by submitting written comments to the court or by participating in the hearing and notification of the time and place of the hearing and notification of the manner in which and the time by which written responses to the petition must be filed, which shall be not less than 20 days after service of the payee's notice, in order to be considered by the court.

§ 4005. Discharge of structured settlement obligor and annuity issuer

Upon an appropriate judicial order approving a petition for a transfer of structured settlement payment rights, the structured settlement obligor and annuity issuer shall be discharged from all liability for the payments and portions thereof transferred as to all parties except the transferee.

§ 4006. No waiver; no penalties

(a) Waiver.--The provisions of this act may not be waived.

(b) Penalties.--No payee who files a petition for the transfer of structured settlement payment rights shall incur any penalty, forfeit any application fee or other payment or otherwise incur any liability to the proposed transferee based on any failure of such transfer to satisfy the conditions of section 3.

§ 4007. Penalty

A violation of this act shall be deemed a violation of the act of December 17, 1968 (P.L. 1224, No. 387), [FN1] known as the Unfair Trade Practices and Consumer Protection Law.

§ 4008. Construction

Nothing contained in this act shall be construed to authorize any transfer of structured settlement payment rights in contravention of applicable State statutes or regulations or to give effect to any transfer to structured settlement payment rights that is void under applicable State statutes or regulations.

§ 4009. Applicability

This act shall apply to any petition for the transfer of structured settlement payment rights under a transfer agreement sought on or after the effective date of this act, provided, however, that nothing contained in this act shall imply that any transfer under a transfer agreement reached prior to such date is effective or that any party is under any obligation to make transferred payments to the transferee of any such prior transfer.

<< Return to State Index  |  << Return to Part 1