§ 5-1102. Direct or indirect transfer of structured settlement payment rights
West's Annotated Code of MarylandCourts and Judicial ProceedingsEffective: October 1, 2016
Effective: October 1, 2016
MD Code, Courts and Judicial Proceedings, § 5-1102
§ 5-1102. Direct or indirect transfer of structured settlement payment rights
(a) A direct or indirect transfer of structured settlement payment rights to a transferee is effective as provided in this subtitle.
(b) A structured settlement obligor or annuity issuer may not make any payment directly or indirectly to a transferee of structured settlement payment rights unless the transfer is authorized in an order of a court based on express findings that:
(v) An itemized listing of all brokers' commissions, service charges, application fees, processing fees, closing costs, filing fees, administrative fees, notary fees, and other charges payable by the payee or deductible from the gross amount otherwise payable to the payee, except attorney's fees and related disbursements;
(viii) The discount rate applicable to the transfer, which shall be disclosed in the following statement: “Based on the net amount that you will receive from us and the amounts and timing of the structured settlement payments that you are transferring to us, you will, in effect, be paying interest to us at a rate of __ percent per year.”;
Credits
Added by Acts 2000, c. 366, § 1, eff. Oct. 1, 2000. Amended by Acts 2016, c. 721, § 2, eff. Oct. 1, 2016; Acts 2016, c. 722, § 2, eff. Oct. 1, 2016.
MD Code, Courts and Judicial Proceedings, § 5-1102, MD CTS & JUD PRO § 5-1102
Current through legislation effective through April 25, 2024, from the 2024 Regular Session of the General Assembly. Some statute sections may be more current, see credits for details.
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