SB298: Bill Text

SB298,7,3 (a) The amounts and due dates of the structured settlement payments to be transferred.

SB298,7,5 (b) The aggregate amount of the structured settlement payments to be transferred.

SB298,7,7 (c) The discounted present value of the structured settlement payments to be transferred.

SB298,7,9 (d) The discount rate used in determining the discounted present value of the structured settlement payments to be transferred.

SB298,7,11 (e) The gross amount payable to the payee in exchange for the structured settlement payments to be transferred.

SB298,7,14 (f) An itemized listing of all charges, commissions, costs, expenses and fees payable by the payee or deductible from the gross amount otherwise payable to the payee in exchange for the structured settlement payments being transferred.

SB298,7,16 (g) The net amount payable to the payee after the deduction of all of the amounts described under par. (f).

SB298,7,19 (h) The number, expressed as a percentage, obtained by dividing the net payment amount under par. (g) by the discounted present value of the structured settlement payments to be transferred under par. (c).

SB298,7,22 (i) The amount of any penalty and the maximum amount of any liquidated damages that the payee could be required to pay in the event of the payee's breach of the transfer agreement.

SB298,7,24 (6) The extraordinary, unanticipated and imminent needs of the payee or his or her dependents make the transfer appropriate.

SB298,8,2 (7) The payee has received independent professional advice regarding the legal, tax and financial implications of the transfer.

SB298,8,4 (8) If the transfer would contravene the terms of the structured settlement, all of the following conditions are met:

SB298,8,11 (a) The transfer has been expressly approved in writing by each interested party, except that if at the time that the payee and the transferee entered into the transfer agreement, a favorable tax determination was in effect, then the approval of the annuity issuer and the structured settlement obligor is not required under this paragraph if all of the other interested parties approve the transfer and waive any rights to require that the transferred payments be made to the payee in accordance with the terms of the structured settlement.

SB298,8,15 (b) The transfer has been expressly approved in writing by any court or governmental unit that previously approved the structured settlement, other than the court or responsible administrative authority from which approval of the transfer is sought under this section.

SB298,8,19 (c) Signed originals of all approvals required under pars. (a) and (b) have been filed with the court or responsible administrative authority from which approval of the transfer is sought under this section and copies of those approvals have been provided to all the interested parties.

SB298,8,23 (9) 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 that notice with the court or responsible administrative authority that has been asked to approve the transfer.

SB298,9,3 787.03 Procedure for approving the transfer of the structured settlement payment right. (1) The circuit court shall have nonexclusive jurisdiction over any application for the approval of a transfer under s. 787.02 (2).

SB298,9,8 (2) Not less than 20 days before a scheduled hearing before a court or responsible administrative authority on any application for approval of a transfer of a structured settlement payment right, the transferee shall file a notice of the proposed transfer and an application for approval of the transfer with the court or responsible administrative authority.

SB298,9,14 (3) Not less than 20 days before a scheduled hearing before a court or responsible administrative authority on any application for approval of a transfer of a structured settlement payment right, the transferee shall serve notice of the proposed transfer and an application for approval of the transfer on any other governmental unit that previously approved the structured settlement and on all interested parties.

SB298,9,15 (4) The notice under sub. (3) shall include all of the following:

SB298,9,16 (a) A copy of the transferee's application.

SB298,9,17 (b) A copy of the proposed transfer agreement.

SB298,9,18 (c) A copy of the disclosure statement required under s. 787.02 (4).

SB298,9,22 (d) A statement that any interested party may support, oppose or otherwise respond to the transferee's application, either personally or by counsel, by submitting written comments to the court or responsible administrative authority or by participating at the hearing.

SB298,9,25 (e) A statement of the time and place of the hearing and of the manner in which and time by which written responses to the transferee's application shall be filed in order to be considered by the court or responsible administrative authority.

SB298,10,3 (5) Interested parties may file written responses to the transferee's application with the court or responsible administrative authority within 15 days after receipt of the notice under sub. (3).

SB298,10,5 787.04 Waiver. The rights and responsibilities created under this chapter may not be waived.

SB298,10,11 787.05 Exemption from penalties and fees. A payee who proposes to make a transfer of a structured settlement payment right shall not be required to pay the proposed transferee any penalty, forfeit any application fee or other payment made to the proposed transferee or incur any liability to the proposed transferee as the result of the failure of the proposed transfer agreement to meet the conditions under s. 787.02.

SB298,10,15 787.06 Construction of chapter. This chapter shall not be construed to authorize any transfer of a structured settlement payment right in contravention of any applicable law or to give effect to any transfer of a structured settlement payment right that is invalid under any applicable law.

SB298, s. 2 Section 2. Initial applicability.

SB298,10,18 (1) This act first applies to the transfer of a structured settlement payment right under a transfer agreement entered into on the effective date of this subsection.

SB298, s. 3 Section 3. Effective date.

SB298,10,21 (1) This act takes effect on the first day of the 2nd month beginning after publication.

SB298,10,22 (End)