Virginia Senate Bill 621 (Prior Session Legislation)

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Completed Legislative Action
Spectrum: Slight Partisan Bill (Democrat 2-1)
Status: Passed on March 7 2016 - 100% progression
Action: 2016-03-07 - Governor: Acts of Assembly Chapter text (CHAP0273)
Text: Latest bill text (Chaptered) [HTML]

Structured settlements. Amends the Structured Settlement Protection Act (the Act) to provide that the structured settlement obligor and the annuity issuer may rely on a court order approving a transfer of structured settlement payment rights in redirecting periodic payments to an assignee or transferee in accordance with the order. The measure provides that upon entry of such an order the structured settlement obligor and the annuity issuer shall be discharged and released from any and all liability for the transferred redirected payments as to all parties except the transferee or an assignee designated by the transferee. The discharge and release of the structured settlement obligor and the annuity issuer shall not be affected by the failure of any party to the transfer to comply with the Act or with the court order approving the transfer. The measure also provides that an application for approval of a structured settlement transfer shall be brought in the circuit court of the county in which the payee is domiciled at the time the transfer agreement was signed or, if the payee is not domiciled in Virginia, then the application may be brought in the court in Virginia that approved the structured settlement agreement. The payee is required to appear in person at the hearing unless the court finds that good cause exists to excuse such an appearance. The measure also provides that a court may hear an application for transfer of payment rights under a structured settlement despite the existence of terms in the underlying structured settlement agreement that purports to restrict or preclude the payee's right or power to sell, assign, or encumber structured settlement payment rights. An application for approval of a transfer is required to include a summary of information regarding prior transfers and notice of the hearing. The period in which responses to the application must be filed with the court is changed from not less than 15 days after service of the notice to five days prior to the hearing. Existing provisions that provide for approval of a transfer of structured settlement payment rights by a responsible administrative authority are deleted from the Act.

Structured Settlement Protection Act; amends Act so obligor and issuer may rely on court order.

Sen. William Stanley [R]

Sen. Louise Lucas [D]

Sen. Jeremy McPike [D]

2016-02-24 - Senate - Senate: House amendments agreed to by Senate (40-Y 0-N) (Y: 40 N: 0 NV: 0 Abs: 0) [PASS]
2016-02-22 - House - House: VOTE: BLOCK VOTE PASSAGE (100-Y 0-N) (Y: 103 N: 0 NV: 0 Abs: 0) [PASS]
2016-02-18 - House - House: Reported from Commerce and Labor with amendments (21-Y 0-N) (Y: 22 N: 0 NV: 1 Abs: 0) [PASS]
2016-02-03 - Senate - Senate: Read third time and passed Senate (40-Y 0-N) (Y: 40 N: 0 NV: 0 Abs: 0) [PASS]
2016-01-27 - Senate - Senate: Constitutional reading dispensed (40-Y 0-N) (Y: 40 N: 0 NV: 0 Abs: 0) [PASS]
2016-01-25 - Senate - Senate: Reported from Commerce and Labor with substitute (13-Y 0-N) (Y: 13 N: 0 NV: 0 Abs: 0) [PASS]

Date	Chamber	Action
2016-03-07		Governor: Acts of Assembly Chapter text (CHAP0273)
2016-03-07		Governor: Approved by Governor-Chapter 273 (effective 7/1/16)
2016-03-01		Governor: Governor's Action Deadline Midnight, March 8, 2016
2016-03-01	Senate	Enrolled Bill Communicated to Governor on 3/1/16
2016-02-29	Senate	Signed by President
2016-02-26	House	Signed by Speaker
2016-02-26	Senate	Bill text as passed Senate and House reprinted (SB621ER)
2016-02-25	Senate	Bill text as passed Senate and House (SB621ER)
2016-02-25	Senate	Enrolled
2016-02-24	Senate	House amendments agreed to by Senate (40-Y 0-N)
2016-02-22	House	VOTE: BLOCK VOTE PASSAGE (100-Y 0-N)
2016-02-22	House	Passed House with amendments BLOCK VOTE (100-Y 0-N)
2016-02-22	House	Engrossed by House as amended
2016-02-22	House	Committee amendments agreed to
2016-02-22	House	Read third time
2016-02-19	House	Read second time
2016-02-18	House	Reported from Commerce and Labor with amendments (21-Y 0-N)
2016-02-05	House	Referred to Committee on Commerce and Labor
2016-02-05	House	Read first time
2016-02-05	House	Placed on Calendar
2016-02-03	Senate	Read third time and passed Senate (40-Y 0-N)
2016-02-02	Senate	Engrossed by Senate - committee substitute SB621S1
2016-02-02	Senate	Read second time
2016-02-01	Senate	Passed by for the day
2016-01-29	Senate	Passed by for the day
2016-01-28	Senate	Passed by for the day
2016-01-28	Senate	Committee substitute agreed to 16104682D-S1
2016-01-28	Senate	Reading of substitute waived
2016-01-28	Senate	Read second time
2016-01-27	Senate	Constitutional reading dispensed (40-Y 0-N)
2016-01-25	Senate	Incorporates SB638
2016-01-25	Senate	Incorporates SB633
2016-01-25	Senate	Committee substitute printed 16104682D-S1
2016-01-25	Senate	Reported from Commerce and Labor with substitute (13-Y 0-N)
2016-01-15	Senate	Referred to Committee on Commerce and Labor
2016-01-15	Senate	Presented and ordered printed 16103484D

SB633 (Similar To) 2016-01-25 - Incorporated by Commerce and Labor
SB638 (Similar To) 2016-01-25 - Incorporated by Commerce and Labor

Chapter	Article	Section	Citation Type	Statute Text
59	1	475	(n/a)	See Bill Text
59	1	477.1	(n/a)	See Bill Text

Type	Source
Summary	https://lis.virginia.gov/cgi-bin/legp604.exe?161+sum+SB621
Text	https://lis.virginia.gov/cgi-bin/legp604.exe?161+ful+SB621+hil
Text	https://lis.virginia.gov/cgi-bin/legp604.exe?161+ful+SB621S1+hil
Text	https://lis.virginia.gov/cgi-bin/legp604.exe?161+ful+SB621ER+hil
Text	https://lis.virginia.gov/cgi-bin/legp604.exe?161+ful+CHAP0273+hil
Roll Call	https://lis.virginia.gov/cgi-bin/legp604.exe?161+vot+S02V0017+SB0621
Roll Call	https://lis.virginia.gov/cgi-bin/legp604.exe?161+vot+SV0105SB0621+SB0621
Roll Call	https://lis.virginia.gov/cgi-bin/legp604.exe?161+vot+SV0178SB0621+SB0621
Roll Call	https://lis.virginia.gov/cgi-bin/legp604.exe?161+vot+H14V0137+SB0621
Roll Call	https://lis.virginia.gov/cgi-bin/legp604.exe?161+vot+HV0766+SB0621
Roll Call	https://lis.virginia.gov/cgi-bin/legp604.exe?161+vot+SV0581SB0621+SB0621