Structured Settlement Guidepost

Structured Settlement Protection Act

Texas enacted a law (TX H.B. 1666) designed to safeguard the interests of sellers of structured settlements on 20^th June 2003, effective from 1^st September 2003. It is enacted under Texas Civil Practice and Remedies Code, Chapter 141, and is known as the Structured Settlement Protection Act.

Under the Act, the oversight of a court is required to review and approve the sale of structured settlements. For it to approve such a sale, the court has to be satisfied that the transfer is in the seller’s best interests, and also take into account the welfare of any dependents. It must also be satisfied that the seller has been advised in writing by the buyer to seek independent professional financial advice in advance of any transfer agreement being signed. Further, the seller must either have received the advice or waived it in writing.

Prior to the transfer agreement being signed, certain disclosures must be made by the settlement buyer in the interests of transparency. The amounts and due dates of payments to be made under the annuity must be stated, as well as the aggregated amount of the payments. The current discounted value of the annuity must be calculated using Federal standards and rates for valuing annuities, and the Applicable Federal Rate used in the calculation must also be stated. The disclosure must include the gross advance amount and the net advance amount (i.e. what the buyer is prepared to pay for the annuity before deducting expenses and after deducting expenses), as well as an itemised listing of all transfer expenses. In this way, it is intended that the seller is made fully aware of all the transfer fees and other expenses that will be charged by the buyer and deducted from the current value of the annuity. The disclosures must be made at least three days before the seller of the annuity signs a transfer agreement, and the statement must be in bold type at least 14 points in size (thus the demon “small print” is vanquished; even the law is bigger in Texas!). The disclosure has to include a statement to the effect that the seller has the right to cancel the transfer agreement without penalty for three business days after the signing of the transfer agreement; and that after that damages and /or penalties may be imposed upon breach of the agreement. The applicable penalties or damages payable on such breach of agreement must also be set out in the disclosure statement. Read more ……

Auto Personal Injury Claim - Find out More How to Issue a Claim. Cash - What Shall I do with Cash from Structured Settlement? Disadvantages of Structured Settlements - Structured Settlements: Learn More… Periodic Payment - What does Periodic Payment imply? -

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