Colonial pays cash for structured settlements!
West Virginia state statues regarding Structured Settlements.
This state statute overseeing the sale of structured settlement payments and the buying of annuities is not the Model Act but should comply with Federal Law, if you get a court order which is not required in all cases. (Colonial's interpretation) |
WEST VIRGINIA CODE 1966
CHAPTER 46A. WEST VIRGINIA CONSUMER CREDIT AND PROTECTION ACT.
ARTICLE 6H. TRANSFERS OF RIGHT TO RECEIVE FUTURE PAYMENTS. |
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§ 46A-6H-4. Prohibiting transfer agreements of worker's compensation claims and other transfer agreements that contravene law
Any agreement to transfer future payments arising under a worker's compensation claim is prohibited as is any other agreement to transfer future payments that would contravene existing law.
§ 46A-6H-5. Right of recision
(a) Any consumer who enters into a transfer agreement shall have an absolute, nonwaiveable right of recision for five business days following the closing date of the transfer. During the five-day recision period, the consumer may rescind the transfer agreement by phone, mail or facsimile, effective upon receipt, without penalty or further obligation to the transferee, except that any amounts advanced by the transferee to the consumer in contemplation of the transfer shall be immediately refunded to the transferee.
(b) When a transfer requires court approval, the consumer may rescind without penalty until the court order is entered appointing a guardian ad litem. When the consumer dismisses the action after the appointment of a guardian ad litem or rescinds the transfer agreement within five business days of court approval of the transfer, the consumer shall be responsible for the filing fee and any guardian ad litem fees.
(c) Notice of the right of recision shall be provided to the consumer in writing by the transferee prior to the time of closing.
§ 46A-6H-6. Remedies; effective date; nonwaiver
(a) This article shall apply to transfer agreements of future payment rights executed after the effective date of this article. Nothing in this article shall be construed to impair, limit, affect or otherwise apply to any transfer agreement executed prior to the effective date of this article.
(b) A violation of a provision of this article by the transferee is an unfair or deceptive act or practice in the conduct of commerce pursuant to the provisions of article six, section one hundred four of this chapter. The remedy provided for in this section is in addition to other remedies provided for by law.
(c) The provisions of this article may not be waived.
§ 46A-6H-7. Protection from liability to consumer
When an interested party makes payments to the transferee pursuant to a court order of approval or a transfer agreement executed in accordance with the provisions of this article, the interested party and the transferee are not liable to the consumer or other interested party for the transfer of the consumer's future payments.
§ 46A-6H-8. Registration with the secretary of state
(a) A transferee or other person in the business of soliciting or purchasing future payments shall file a registration statement with the secretary of state before advertising or arranging transfers of consumer's future payment rights in this state. The registration statement shall contain:
(1) The name and address of the transferee;
(2) The name and address of the transferee's agent for service of process within the state, or if the company does not have one within the state, a statement that the secretary of state will serve as the agent for service of process; and
(3) A full and complete disclosure of any prior or pending litigation involving alleged violations of this article's provisions or consumer complaints filed with the attorney general's office of this state that allege violations of this article's provisions, or a notarized statement that there has been no such litigation or unresolved complaint relating to the operations of the transferee.
(b) The transferee shall update the statement within thirty days after a change of information occurs.
(c) Each transferee registering pursuant to the provisions of this section shall maintain a copy of the registration statement. The transferee shall allow a consumer, interested party or court to inspect the registration statement on request.
(d) The secretary of state may charge each transferee that files a registration statement with the secretary of state a reasonable fee not to exceed one hundred dollars to cover the cost of filing.
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