§2480gg. General provisions; construction

Link to law: http://legislature.vermont.gov/statutes/section/09/063/g2480gg
Published: 2015

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Title

09

:
Commerce and Trade






Chapter

063

:
CONSUMER PROTECTION






Subchapter

005
:
TRANSFERS OF STRUCTURED SETTLEMENTS










 

§

2480gg. General provisions; construction

(a) The

provisions of this subchapter may not be waived by any payee.

(b) Any transfer

agreement entered into on or after the effective date of this subchapter by a

payee who resides in this State shall provide that disputes under such transfer

agreement, including any claim that the payee has breached the agreement, shall

be determined in and under the laws of this State. No such transfer agreement

shall authorize the transferee or any other party to confess judgment or

consent to entry of judgment against the payee.

(c) No transfer

of structured settlement payment rights shall extend to any payments that are

life-contingent unless, prior to the date on which the payee signs the transfer

agreement, the transferee has established and has agreed to maintain procedures

reasonably satisfactory to the annuity issuer and the structured settlement

obligor for:

(1) periodically

confirming the payee's survival; and

(2) giving the

annuity issuer and the structured settlement obligor prompt written notice in

the event of the payee's death.

(d) No payee who

proposes to make a transfer of structured settlement payment rights shall incur

any penalty, forfeit any application fee or other payment, or otherwise incur

any liability to the proposed transferee or any assignee based on any failure

of such transfer to satisfy the conditions of this subchapter.

(e) Nothing

contained in this subchapter shall be construed to authorize any transfer of

structured settlement payment rights in contravention of any law or to imply

that any transfer under a transfer agreement entered into prior to the

effective date of this subchapter is valid or invalid.

(f) Compliance

with the requirements set forth in section 2480cc of this title and fulfillment

of the conditions set forth in section 2480dd of this title shall be solely the

responsibility of the transferee in any transfer of structured settlement

payment rights, and neither the structured settlement obligor nor the annuity

issuer shall bear any responsibility for or any liability arising from

noncompliance with such requirements or failure to fulfill such conditions.

(Added 2011, No. 168 (Adj. Sess.), § 1.)
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