SEARCH SITE
VIRGINIA LAW PORTAL
- Code of Virginia
- Virginia Administrative Code
- Constitution of Virginia
- Charters
- Authorities
- Compacts
- Uncodified Acts
- RIS Users (account required)
SEARCHABLE DATABASES
- Bills & Resolutions
session legislation - Bill Summaries
session summaries - Reports to the General Assembly
House and Senate documents - Legislative Liaisons
State agency contacts
ACROSS SESSIONS
- Subject Index: Since 1995
- Bills & Resolutions: Since 1994
- Summaries: Since 1994
Developed and maintained by the Division of Legislative Automated Systems.
1999 SESSION
HB 1922 Structured settlements; authorization for transfer.
Introduced by: Clifton A. Woodrum | all patrons ... notes | add to my profiles
SUMMARY AS ENACTED WITH GOVERNOR'S RECOMMENDATION: (all summaries)
Structured settlements; authorization for transfer. Conditions the direct or indirect transfer of structured settlement payment rights upon the prior authorization of a court of competent jurisdiction or a responsible administrative authority. The court or authority, as appropriate, must make several findings as a precondition to transfer, including a finding that the proposed transfer satisfies any federal hardship standard then in effect. The bill also requires the proposed transferee to make disclosures concerning fees, charges and other amounts that will be deducted from the proceeds payable by the transferee to the transferor. The transferee must also disclose to the transferor the structured settlement’s discounted present value, together with the discount rate used to compute that value. A structured settlement is an arrangement for periodic payment of damages for personal injuries established by a settlement or judgment in resolution of a tort claim, or for periodic payments in settlement of a workers’ compensation claim. Lump sum payments under the Virginia Workers’ Compensation Act are not subject to the provisions of this bill. The bill’s provisions will expire on July 1, 2001, unless federal legislation has been enacted by that date which establishes a federal hardship standard governing the transfer of structured settlement payment rights.
FULL TEXT
- 01/18/99 House: Presented & ordered printed 994631492 pdf
- 02/04/99 House: Committee substitute printed 990261492-H1 pdf
- 02/22/99 Senate: Committee substitute printed 994839492-S1 pdf
- 02/25/99 Senate: Floor substitute printed 994845719-S2 (Newman) pdf
- 03/09/99 House: Bill text as passed House and Senate (HB1922ER) pdf
- 04/07/99 House: Reenrolled bill text (HB1922ER2) pdf
- 04/14/99 Governor: Acts of Assembly Chapter text (CHAP0993) pdf
AMENDMENTS
HISTORY
- 01/18/99 House: Presented & ordered printed 994631492
- 01/18/99 House: Referred to Committee on Corporations, Insurance and Banking
- 01/22/99 House: Assigned to C. I. B. sub-committee: 2
- 02/04/99 House: Committee substitute printed 990261492-H1
- 02/04/99 House: Reported from C. I. B. w/sub. (18-Y 8-N)
- 02/05/99 House: Read first time
- 02/06/99 House: Passed by for the day
- 02/07/99 House: Passed by for the day
- 02/08/99 House: Read second time
- 02/08/99 House: Committee substitute agreed to 990261492-H1
- 02/08/99 House: Pending question ordered
- 02/08/99 House: Amendment by Mr. Purkey rejected (48-Y 51-N)
- 02/08/99 House: VOTE: ADOPTION (48-Y 51-N)
- 02/08/99 House: Amendments by Mr. Croshaw rejected
- 02/08/99 House: Engrossed by House - com. sub. 990261492-H1
- 02/09/99 House: Read third time and passed House (59-Y 41-N)
- 02/09/99 House: VOTE: PASSAGE (59-Y 41-N)
- 02/09/99 House: Communicated to Senate
- 02/09/99 Senate: Constitutional reading dispensed
- 02/09/99 Senate: Referred to Committee on Commerce and Labor
- 02/22/99 Senate: Committee substitute printed 994839492-S1
- 02/22/99 Senate: Reported from C. & L. with substitute (15-Y 0-N)
- 02/23/99 Senate: Constitutional reading dispensed (39-Y 0-N)
- 02/23/99 Senate: VOTE: CONST. RDG. DISPENSED R (39-Y 0-N)
- 02/23/99 Senate: Passed by for the day
- 02/24/99 Senate: Passed by for the day
- 02/25/99 Senate: Read third time
- 02/25/99 Senate: Passed by temporarily
- 02/25/99 Senate: Reading of substitute waived
- 02/25/99 Senate: Committee substitute rejected 994839492-S1
- 02/25/99 Senate: Amendments by Sen. Colgan withdrawn
- 02/25/99 Senate: Reading of substitute waived
- 02/25/99 Senate: Substitute by Sen. Newman agreed to
- 02/25/99 Senate: Floor substitute printed 994845719-S2 (Newman)
- 02/25/99 Senate: Previous question ordered (34-Y 6-N)
- 02/25/99 Senate: VOTE: PREVIOUS QUESTION (34-Y 6-N)
- 02/25/99 Senate: Engrossed by Senate - fl. sub. 994845719-S2 (Newman)
- 02/25/99 Senate: Passed Senate with substitute (35-Y 4-N 1-A)
- 02/25/99 Senate: VOTE: PASSAGE (35-Y 4-N 1-A)
- 02/25/99 House: Placed on Calendar
- 02/25/99 House: Pending question ordered
- 02/25/99 House: Senate substitute agreed to by House (61-Y 38-N)
- 02/25/99 House: VOTE: ADOPTION (61-Y 38-N)
- 03/09/99 House: Bill text as passed House and Senate (HB1922ER)
- 03/12/99 House: Enrolled
- 03/12/99 House: Signed by Speaker
- 03/15/99 Senate: Signed by President
- 03/29/99 House: Governor's recommendation received by House
- 04/07/99 House: Placed on Calendar
- 04/07/99 House: House concurred in Gov's recommendation (98-Y 0-N)
- 04/07/99 House: VOTE: ADOPTION (98-Y 0-N)
- 04/07/99 Senate: Senate concurred in Gov's recommendation (37-Y 0-N 1-A)
- 04/07/99 Senate: VOTE: ADOPT GOV. RECOMM. (37-Y 0-N 1-A)
- 04/07/99 Senate: Rec. of Gov's recommendation agreed to (39-Y 0-N)
- 04/07/99 Senate: VOTE: RECONSIDER (39-Y 0-N)
- 04/07/99 Senate: Senate concurred in Gov's recommendation (37-Y 0-N 1-A)
- 04/07/99 Senate: VOTE: ADOPT GOV. RECOMM. (37-Y 0-N 1-A)
- 04/07/99 Governor: Governor's recommendation adopted
- 04/07/99 House: Reenrolled
- 04/07/99 House: Signed by Speaker as reenrolled
- 04/07/99 Senate: Signed by President as reenrolled
- 04/07/99 House: Enacted, Chapter 993 (effective 7/1/99)
- 04/07/99 House: Reenrolled bill text (HB1922ER2)
- 04/14/99 Governor: Acts of Assembly Chapter text (CHAP0993)