Structured Settlement Protection Laws are laws in 49 states and the District of Columbia that exist to protect payees of structured settlement payments from abusive purchasing practices that are often associated with the sale of. A) the payee is domiciled or the domicile or principal place of business of the structured settlement debtor or annuity issuer is located in this state;. No payee intending to make a transfer of structured settlement payment rights shall incur any penalty, forfeit any application fee or other payment, or incur any liability to the proposed assignee or any assignee on the basis that such transfer does not meet the conditions of this chapter. The assignee shall file an application under this chapter for approval of a transfer of structured settlement payment rights and shall be submitted to the circuit court of the county or city in which the payee is domiciled in the Commonwealth, except that if the payee is not domiciled in the Commonwealth, the application can be filed with the Commonwealth court that approved the structured settlement agreement.
Compliance with the requirements set out in § 59.1-475.1 and compliance with the conditions set out in §§ 59.1-476 and 59.1-477 shall be the sole responsibility of the transferee in any transfer of structured settlement payment rights, and neither of the structured settlement debtor nor the annuity the issuer assume any liability for, or any other liability arising from failure to comply with such requirements or failure to comply with such conditions. A) if the transfer contravenes the terms of the structured settlement, for any taxes incurred by the payee as a result of the transfer; and. A timely hearing will be held on the request for approval of a transfer of structured settlement payment rights. (D) A payee who intends to make a transfer of structured settlement payment rights may not incur any penalty, lose any application fee or other payment, or incur any liability to the proposed assignee or any assignee on the basis that the transfer does not meet the conditions of this chapter.
B) the structured settlement agreement was authorized or approved by a court located in this state; or. B) if the court that authorized or approved the structured settlement no longer has jurisdiction to approve a transfer of payment rights under the structured settlement under this chapter, a statutory county court, a statutory probate court, or a district court located in the county in which the beneficiary. The discounted present value of the payments to be transferred, which shall be identified as the calculation of the present value of the structured settlement payments transferred under federal rules for the valuation of annuities, and the amount of the applicable federal rate used to calculate the present discounted value;. The discounted present value of the payments to be transferred, which shall be identified as the calculation of the present value of the structured settlement payments transferred under federal rules for the valuation of annuities, and the amount of the applicable federal rate used to calculate such discounted current rate value;.
Not less than 20 days prior to the scheduled hearing for a request for approval of a transfer of structured settlement payment rights under § 59.1-476, the assignee will file with the court and notify all interested parties of a notice of the proposed transfer and the request for approval. Nothing in this chapter shall be construed to authorize any transfer of structured settlement payment rights in contravention of any law. F) Compliance with the requirements of Section 141.003 and compliance with the conditions of Section 141.004 are the sole responsibility of the assignee in any transfer of structured settlement payment rights, and neither the structured settlement debtor nor the annuity issuer assumes any liability for, or any liability arising from non-compliance with requirements or failure to comply with the conditions. If the transfer contravenes the terms of the structured settlement, for any taxes incurred by such parties as a result of the transfer; and.
The structured settlement debtor and the annuity issuer, like all parties except the assignee, shall be released and released from all liability for the transferred payments;. . .
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