by John Darer CLU ChFC CSSC RSP
Another chapter in the battle for structured settlement claimant rights is coming to a Congressional hearing near you, thanks to Buffalo, New York congressman Brian Higgins and the bill's co-sponsors Hochul and Braley.
H.R. 4022, or the Structured Claimant Rights Act of 2012, targets civil cases that are filed in Federal Court. More specifically, the bill, if passed, would amend USC Article 28, to protect the right of a claimant in a civil action before Federal Court to retain a structured settlement broker to negotiate the terms of payment of an award, and for other (unspecified) purposes. At a time when the claimant ALREADY "has the right to retain their own structured settlement broker" why is such legislation necessary when there is so much advertising abuse in the structured settlement secondary and tertiary market due to deficient regulation?
While I'm sure Congressman Higgins, his co-sponsors and the structured settlement brokers behind the bill sponsors have good intentions, I ask why does the factoring issue keep getting left on the table time and time again. I'm not saying get rid of factoring or factoring companies, but there needs to be a far more transparent and responsible marketplace, in my opinion.