by John Darer® CLU ChFC MSSC RSP CLTC
"This really is a consumer protection issue," said Minnesota Rep. Debra Hilstrom, DFL-Brooklyn Center. addressing an amendment to the Minnesota Structured Settlement Protection Act that goes into effect August 1, 2014. "This is to make sure everyone knows and understands the consequences of these sales, and so a judge can really evaluate whether or not someone in a stressful situation knows what they're getting into."
The most significant aspect of the new law is the requirement that it mandates that judges be made aware of previous structured settlement factoring transaction attempts by the selling annuitant.
I am aware of a case in another state where a structured settlement factoring transaction was approved on the same annuitant in two separate counties a week apart!
While it is good to see that states like Minnesota are taking steps to protect "alot of who may be at difficult times in their life", the job will not be done until they address the manner in which the annuitants are currently being solicited.
Like many states, in Minnesota, there is no licensing requirement for those who broker the sale of structured settlement payments rights, facilitate the purchase of structured settlement payment rights from annuitants or broker the payment rights to investors.
In Minnesota these'services are apparently deemed more important to have a license mandate than those soliciting "alot of folks going through difficult times in their life"
- Minnesota requires the registration of beer kegs! [ Minnesota St. 340A.513] so they can be traced. {emphasis added]. Minneapolis law firm Lord & Associates devotes a whole page to it. Given the documented instances of cash now pushers operating out of UPS mailboxes, cash now pushers using fake names, cash now fake social media profiles, cash now pusher using fake Better Business Bureau profiles, how do consumers and the state keep track of who is really operating in their state? and making it easier for consumers to to seek redress should the need arise.
- Minnesota Stat. 85.46 Requires a Horse Pass or license to ride on state trails
- Minnesota Stat.97A.482 requires license to fish.
- Minnesota Stat. 297F.03 requires a license for Distributors and Subjobbers of Cigarette and Other Tobacco Products.
- Minnesota Stat. 28A.04-28A.08 require a license for Retail Food Handlers
- You need a license in Minnesota to be an individual Satellite System Installer
- In MN, you need a license to be a wine educator [Minn. St. 340A.404]
- In MN, you need a license to be a vendor at a race track [Minn. Stat. 240.06]
- In MN, you need a license to be a micro distiller
- In MN, you need a license to be bail bond agent
- In MN, you need a license to sell insurance (includes placing structured settlement annuties)
- In MN, you need a license to be a boxer [i.e. a pugilist not a pet]
- in MN, you need a license to be a tree inspector
- In MN, you need a license to be a closing agent
- In MN, you need a license to be a wild rice dealer
- In MN, you need a license to buy grain{Minn. Sta 223] or buy International Fish [Minn. Stat. 97C.851], why not a license to buy or broker structured settlement payment rights?
- In MN you need a license to be a taxidermist, why not a license to "remove the stuffing from a structured settlement"?
- In MN you need a license to collect mussels
- In MN you need a license to be a money transmitter
- In MN you need a license to operate a muskrat farm
You could say that right now, when it comes to soliciting the sale of structured settlement payment rights in Minnesota, and "America", you CAN be "A Horse With No Name".
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