SB298,7,98 (d) The discount rate used in determining the discounted present value of the
9structured settlement payments to be transferred.
SB298,7,1110 (e) The gross amount payable to the payee in exchange for the structured
11settlement payments to be transferred.
SB298,7,1412 (f) An itemized listing of all charges, commissions, costs, expenses and fees
13payable by the payee or deductible from the gross amount otherwise payable to the
14payee in exchange for the structured settlement payments being transferred.
SB298,7,1615 (g) The net amount payable to the payee after the deduction of all of the
16amounts described under par. (f).
SB298,7,1917 (h) The number, expressed as a percentage, obtained by dividing the net
18payment amount under par. (g) by the discounted present value of the structured
19settlement payments to be transferred under par. (c).
SB298,7,2220 (i) The amount of any penalty and the maximum amount of any liquidated
21damages that the payee could be required to pay in the event of the payee's breach
22of the transfer agreement.
SB298,7,24 23(6) The extraordinary, unanticipated and imminent needs of the payee or his
24or her dependents make the transfer appropriate.
SB298,8,2
1(7) The payee has received independent professional advice regarding the
2legal, tax and financial implications of the transfer.
SB298,8,4 3(8) If the transfer would contravene the terms of the structured settlement, all
4of the following conditions are met:
SB298,8,115 (a) The transfer has been expressly approved in writing by each interested
6party, except that if at the time that the payee and the transferee entered into the
7transfer agreement, a favorable tax determination was in effect, then the approval
8of the annuity issuer and the structured settlement obligor is not required under this
9paragraph if all of the other interested parties approve the transfer and waive any
10rights to require that the transferred payments be made to the payee in accordance
11with the terms of the structured settlement.
SB298,8,1512 (b) The transfer has been expressly approved in writing by any court or
13governmental unit that previously approved the structured settlement, other than
14the court or responsible administrative authority from which approval of the
15transfer is sought under this section.
SB298,8,1916 (c) Signed originals of all approvals required under pars. (a) and (b) have been
17filed with the court or responsible administrative authority from which approval of
18the transfer is sought under this section and copies of those approvals have been
19provided to all the interested parties.
SB298,8,23 20(9) The transferee has given written notice of the transferee's name, address
21and taxpayer identification number to the annuity issuer and the structured
22settlement obligor and has filed a copy of that notice with the court or responsible
23administrative authority that has been asked to approve the transfer.
SB298,9,3
1787.03 Procedure for approving the transfer of the structured
2settlement payment right. (1)
The circuit court shall have nonexclusive
3jurisdiction over any application for the approval of a transfer under s. 787.02 (2).
SB298,9,8 4(2) Not less than 20 days before a scheduled hearing before a court or
5responsible administrative authority on any application for approval of a transfer of
6a structured settlement payment right, the transferee shall file a notice of the
7proposed transfer and an application for approval of the transfer with the court or
8responsible administrative authority.
SB298,9,14 9(3) Not less than 20 days before a scheduled hearing before a court or
10responsible administrative authority on any application for approval of a transfer of
11a structured settlement payment right, the transferee shall serve notice of the
12proposed transfer and an application for approval of the transfer on any other
13governmental unit that previously approved the structured settlement and on all
14interested parties.
SB298,9,15 15(4) The notice under sub. (3) shall include all of the following:
SB298,9,1616 (a) A copy of the transferee's application.
SB298,9,1717 (b) A copy of the proposed transfer agreement.
SB298,9,1818 (c) A copy of the disclosure statement required under s. 787.02 (4).
SB298,9,2219 (d) A statement that any interested party may support, oppose or otherwise
20respond to the transferee's application, either personally or by counsel, by
21submitting written comments to the court or responsible administrative authority
22or by participating at the hearing.
SB298,9,2523 (e) A statement of the time and place of the hearing and of the manner in which
24and time by which written responses to the transferee's application shall be filed in
25order to be considered by the court or responsible administrative authority.
SB298,10,3
1(5) Interested parties may file written responses to the transferee's application
2with the court or responsible administrative authority within 15 days after receipt
3of the notice under sub. (3).
SB298,10,5 4787.04 Waiver. The rights and responsibilities created under this chapter may
5not be waived.
SB298,10,11 6787.05 Exemption from penalties and fees. A payee who proposes to make
7a transfer of a structured settlement payment right shall not be required to pay the
8proposed transferee any penalty, forfeit any application fee or other payment made
9to the proposed transferee or incur any liability to the proposed transferee as the
10result of the failure of the proposed transfer agreement to meet the conditions under
11s. 787.02.
SB298,10,15 12787.06 Construction of chapter. This chapter shall not be construed to
13authorize any transfer of a structured settlement payment right in contravention of
14any applicable law or to give effect to any transfer of a structured settlement
15payment right that is invalid under any applicable law.
SB298, s. 2 16Section 2. Initial applicability.
SB298,10,1817 (1) This act first applies to the transfer of a structured settlement payment
18right under a transfer agreement entered into on the effective date of this subsection.
SB298, s. 3 19Section 3. Effective date.
SB298,10,2120 (1) This act takes effect on the first day of the 2nd month beginning after
21publication.
SB298,10,2222 (End)
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