Bill Text: MS SB2481 | 2014 | Regular Session | Introduced

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Bill Title: Structured settlement payments; revise disclosures required in petition for transfer of.

Spectrum: Partisan Bill (Democrat 1-0)

Status: (Failed) 2014-02-04 - Died In Committee [SB2481 Detail]

Download: Mississippi-2014-SB2481-Introduced.html

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MISSISSIPPI LEGISLATURE

2014 Regular Session

To: Judiciary, Division A

By: Senator(s) Bryan

Senate Bill 2481

AN ACT TO AMEND SECTION 11-57-5, MISSISSIPPI CODE OF 1972, TO REVISE THE DISCLOSURE TO BE MADE IN AN APPLICATION FOR APPROVAL OF A TRANSFER OF STRUCTURED SETTLEMENT PAYMENT RIGHTS; AND FOR RELATED PURPOSES.

     BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MISSISSIPPI:

     SECTION 1.  Section 11-57-5, Mississippi Code of 1972, is amended as follows:

     11-57-5.  Not less than three (3) days before the date on which a payee signs a transfer agreement, the transferee shall provide to the payee a separate disclosure statement, in bold type no smaller than fourteen (14) points, setting forth:

          (a)  The amounts and due dates of the structured settlement payments to be transferred;

          (b)  The aggregate amount of such payments;

          (c)  The discounted present value of the payments to be transferred, which shall be identified as the "calculation of current value of the transferred structured settlement payments under federal standards for valuing annuities," and the amount of the Applicable Federal Rate used in calculating such discounted present value;

          (d)  The gross advance amount;

          (e)  An itemized listing of all applicable transfer expenses, other than attorney's fees and related disbursement payable in connection with the transferee's application for approval of the transfer, and the transferee's best estimate of the amount of any such fees and disbursements;

          (f)  The net advance amount;

          (g)  The amount of any penalties or liquidated damages payable by the payee in the event of any breach of the transfer agreement by the payee; * * *and

          (h)  An itemized listing of every court proceeding, including the court in which each proceeding was brought and the case number, in which the payee has requested a transfer of payment rights, and the results of those proceedings; and

          (i)  A statement that the payee has the right to cancel the transfer agreement, without penalty or further obligation, not later than the third business day after the date the agreement is signed by the payee.

     SECTION 2.  This act shall take effect and be in force from and after its passage.

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