by John Darer® CLU ChFC MSSC RSP CLTC
In his commentary about the amendment and reenacted West Virginia Structured Settlement Protection Act, factoring promoter Patrick Hindert asks some poignant questions about NSSTA and the role it has taken in the factoring debate. I have previously commented on those who ran for and were elected to the NSSTA board on an "I'm going to do something about factoring" platform 11 months ago who deserve to have questions asked of them today.
NSSTA does need legislative strategies to deal with settlement transfer issues that are currently affecting its members
NSSTA does need to develop an education strategy targeted towards judges, consumers, lawyers and regulators on issues that are affecting consumers and, as a by product, are affecting or have the potential to affect its broad membership.
NSSTA members do need to develop a strategy for how they deal with customers who call with questions on the subject. If you buy a car from the dealer and there's something wrong do you ignore them?
NSSTA members, AND ALL structured settlement and settlement planning professionals, do need to have a clear public message to consumers, lawyers and others on what side of the fence they are on with factoring compensation.
Hindert's ongoing commentary on factoring omits (or fails to discuss) the issue of professional licensure and advertising. This is surprising considering Hindert's rampant promotion of a "secondary market" that includes life settlements. Life settlements require licensure in at least 22 states. One of the the big rubs about whole factoring industry is its advertising, which at various times has been described as predatory, misleading and annoying.
Professional licensure and the attendant advertising regulations would set standards and provide an enforcement mechanism to resolve consumer complaints.