SB 1268

Abstract

Amends the Structured Settlement Protection Act. Provides that the structured settlement obligor and the annuity issuer shall be discharged from any and all liability by complying with a court order approving a transfer of structured settlement payment rights, and shall not have or incur any liability to the payee, transferee, or assignee as a result of the failure of the court order, transfer agreement, disclosure statement, or the transfer proceeding to comply with the Act, another applicable State or federal statute relating to structured settlement transfers, or any other law. 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 this State or in any other state that has enacted a statute that requires court approval of a transfer of structured settlement payment rights, then the application may be brought in the county in which the structured settlement obligor or annuity issuer is domiciled or has its principal place of business in this State. Provides what information is necessary to make an application to the court under the Act. Provides that a court may review all applications for transfer filed, and may approve or deny a transfer despite the existence of terms in the underlying settlement agreement, qualified assignment, related annuity, or in any other relevant document that purports to restrict or preclude the payee's right or power to assign or transfer structured settlement payment rights. Makes other changes.