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2001 SESSION
HB 1810 Structured Settlement Protection Act.
Introduced by: Clifton A. (Chip) Woodrum | all patrons ... notes | add to my profiles
SUMMARY AS PASSED: (all summaries)
Structured Settlement Protection Act. Conditions transfers of structured settlement payments rights upon findings by a court or responsible administrative authority that (i) the transfer is in the best interest of the payee, (ii) the payee has been advised to seek independent professional advice and has received or waived such advice, and (iii) the transfer does not contravene a statute or order of a court or other governmental authority. Payees are required to be given a disclosure statement three days (rather than 10 days as currently provided) prior to signing a transfer agreement, which statement shall provide that the payee will have the right to cancel the agreement within three days after it is signed. Other changes (a) limit the courts that can approve transfers to those where the payee, insurer, or obligor resides; (b) clarify that the act is not intended to apply to a bank's blanket security interest unless it attempts to execute upon the settlement payments; (c) make the transferee liable for failure to comply with the act; and (d) prohibit confessed judgments. The Uniform Commercial Code's general restriction on assignments of certain receivables is made inapplicable to certain claims or rights to receive compensation for injuries or sickness. The measure repeals a sunset clause that provides that the act will expire on July 1, 2001, unless certain federal legislation has been enacted.
FULL TEXT
- 01/10/01 House: Presented & ordered printed, prefiled 01/03/01 010019996 pdf
- 01/23/01 House: Committee substitute printed 010213996-H1 pdf
- 02/24/01 House: Bill text as passed House and Senate (HB1810ER) pdf
- 03/27/01 Governor: Acts of Assembly Chapter text (CHAP0537) pdf
HISTORY
- 01/10/01 House: Presented & ordered printed, prefiled 01/03/01 010019996
- 01/10/01 House: Referred to Committee on Corporations, Insurance and Banking
- 01/23/01 House: Committee substitute printed 010213996-H1
- 01/23/01 House: Reported from C. I. B. w/sub (25-Y 0-N)
- 01/24/01 House: Read first time
- 01/25/01 House: Read second time
- 01/25/01 House: Committee substitute agreed to 010213996-H1
- 01/25/01 House: Engrossed by House - committee substitute 010213996-H1
- 01/26/01 House: Read third time and passed House BLOCK VOTE (98-Y 0-N)
- 01/26/01 House: VOTE: BLOCK VOTE PASSAGE (98-Y 0-N)
- 01/26/01 House: Communicated to Senate
- 01/29/01 Senate: Constitutional reading dispensed
- 01/29/01 Senate: Referred to Committee on Commerce and Labor
- 02/19/01 Senate: Reported from Commerce and Labor (15-Y 0-N)
- 02/20/01 Senate: Constitutional reading dispensed (40-Y 0-N)
- 02/20/01 Senate: VOTE: CONST. RDG. DISPENSED R (40-Y 0-N)
- 02/20/01 Senate: Read third time
- 02/20/01 Senate: Passed Senate (40-Y 0-N)
- 02/20/01 Senate: VOTE: PASSAGE R (40-Y 0-N)
- 02/20/01 Senate: Rec. of Sen. passage agreed to by Senate (40-Y 0-N)
- 02/20/01 Senate: VOTE: RECONSIDER R (40-Y 0-N)
- 02/20/01 Senate: Passed Senate (40-Y 0-N)
- 02/20/01 Senate: VOTE: PASSAGE R (40-Y 0-N)
- 02/24/01 House: Bill text as passed House and Senate (HB1810ER)
- 03/02/01 House: Enrolled
- 03/02/01 House: Signed by Speaker
- 03/02/01 Senate: Signed by President
- 03/23/01 Governor: Approved by Governor-Chapter 537 (effective 7/1/01)
- 03/27/01 Governor: Acts of Assembly Chapter text (CHAP0537)