by John Darer® CLU ChFC MSSC RSP CLTC
On Tuesday, the Virginia House Committee on Commerce and Labor unanimously passed a bill designed to increase consumer protections in the structured settlement purchasing industry. The proposed legislation, House Bill 52, was introduced by Delegate Terry Kilgore (R-Scott) in November and could reach the House floor as early as Thursday.
These three provisions of the bill mandate the following requirements of all Virginia structured settlement transfers:
• Transfer applications must be filed in the circuit court of the county where the payee resides.
• Payees must appear in person at the hearing when the judge considers their proposed structured settlement transfer application.
• Transfer applications must include disclosure of prior structured settlement transfers, as well as attempted transfers, within a designated number of years.
The spin doctors at the National Association of Settlement Purchasers, the trade association for companies that purchase structured settlement payment rights frame their support of the bill and the reforms contained therein, which should be taken as in the positive way it was intended however, let's not forget that it this is all coming down AFTER a lawsuit by an African-American amputee burn victim Terrence Taylor against several NASP members and the attendant regional and national publicity and scrutiny of its members by the Washington Post through its reporter Terrence McCoy, Baltimore Sun and several Virginia publications and other social media.