Georgia Structured Settlements

BE IT ENACTED BY THE GENERAL ASSEMBLY OF GEORGIA:

SECTION 1.

Title 7 of the Official Code of Georgia Annotated, relating to banking and finance, is amended by striking Code Section 7-4-12, relating to interest on judgments, and inserting in lieu thereof the following:

"7-4-12.

(A) All judgments in this state shall bear ANNUAL interest upon the principal amount recovered at the rate A RATE of 12 percent per year EQUAL TO THE PRIME RATE AS PUBLISHED BY THE BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM, AS PUBLISHED IN STATISTICAL RELEASE H. 15 OR ANY PUBLICATION THAT MAY SUPERSEDE IT, ON THE DAY THE JUDGMENT IS ENTERED PLUS 3 PERCENT.

(B) IF unless the judgment is rendered on a written contract or obligation providing for interest at a specified rate, in which case the judgment shall bear interest at the rate specified in such THE contract or obligation.

(C) The postjudgment interest provided for in this Code section shall apply automatically to all judgments in this state and such THE interest shall be collectable as a part of each such judgment whether or not such THE

judgment specifically reflects the entitlement to such POSTJUDGMENT interest.

(D) THIS CODE SECTION SHALL APPLY TO ALL CIVIL ACTIONS FILED ON OR AFTER THE

EFFECTIVE DATE OF THIS CODE SECTION. "

SECTION 2.

Title 9 of the Official Code of Georgia Annotated, relating to civil practice, is amended by striking subsection (b) of Code Section 9-9-13, relating to vacation of award by court, application, grounds, rehearing, and appeal of

order, and inserting in lieu thereof the following:

"(b) The award shall be vacated on the application of a party who either participated in the arbitration or was served with a demand for arbitration if the court finds that the rights of that party were prejudiced by:

(1) Corruption, fraud, or misconduct in procuring the award;

(2) Partiality of an arbitrator appointed as a neutral;

(3) An overstepping by the arbitrators of their authority or such imperfect execution of it that a final and definite award upon the subject matter submitted was not made; or

(4) A failure to follow the procedure of this part, unless the party applying to vacate the award continued with the arbitration with notice of this failure and without objection ; OR

(5) THE ARBITRATOR 'S MANIFEST DISREGARD OF THE LAW . "

SECTION 3.

Said title is further amended by striking Code Section 9-11-23, relating to class actions, and inserting in lieu thereof the following:

" 9-11-23.

(a) If persons constituting a class are so numerous as to make it impracticable to bring them all before the court, such of them, one or more, as will fairly ensure the adequate representation of all may, on behalf of all,

bring or defend an action when the character of the right sought to be enforced for or against the class is:

(1) Joint, or common, or secondary in the sense that the owner of a primary right refuses to enforce that right and a member of the class thereby becomes entitled to enforce it; or

(2) Several, and the object of the action is the adjudication of claims which do or may affect specific property involved in the action.

(b) In an action brought to enforce a secondary right on the part of one or more shareholders in an association, incorporated or unincorporated, because the association refuses to enforce rights which may properly be asserted by it, the complaint shall be verified by oath and shall aver that the plaintiff was a shareholder at the time of the transaction of which he or she complains or that his or her share thereafter devolved on him or her by operation of law. The complaint shall also set forth with particularity the efforts of the plaintiff to secure from the managing directors or trustees such actions as the plaintiff desires and the reasons for his or her failure to obtain such action or the reasons why irreparable injury to the association, incorporated or unincorporated, would result by waiting for 90 days from the date of the demand upon the managing directors or trustees. This Code section is cumulative of

Code Section 14-2-831.

(c) A class action shall not be dismissed or compromised without the approval of the court. If the right sought to be enforced is one defined in paragraph (1) of subsection (a) of this Code section, notice of the proposed dismissal or

compromise shall be given to all members of the class in such manner as the court directs. If the right is one defined in paragraph (2) of subsection (a) of this Code section, notice shall be given only if the court requires it.

9-11-23.

(A) ONE OR MORE MEMBERS OF A CLASS MAY SUE OR BE SUED AS REPRESENTATIVE

PARTIES ON BEHALF OF ALL ONLY IF:

(1) THE CLASS IS SO NUMEROUS THAT JOINDER OF ALL MEMBERS IS IMPRACTICABLE;

(2) THERE ARE QUESTIONS OF LAW OR FACT COMMON TO THE CLASS;

(3) THE CLAIMS OR DEFENSES OF THE REPRESENTATIVE PARTIES ARE TYPICAL OF THE

CLAIMS OR DEFENSES OF THE CLASS; AND

(4) THE REPRESENTATIVE PARTIES WILL FAIRLY AND ADEQUATELY PROTECT THE

INTERESTS OF THE CLASS.

(B) AN ACTION MAY BE MAINTAINED AS A CLASS ACTION IF THE PREREQUISITES OF

SUBSECTION (A) OF THIS CODE SECTION ARE SATISFIED, AND, IN ADDITION:

(1) THE PROSECUTION OF SEPARATE ACTIONS BY OR AGAINST INDIVIDUAL MEMBERS OF

THE CLASS WOULD CREATE A RISK OF:

(A) INCONSISTENT OR VARYING ADJUDICATIONS WITH RESPECT TO INDIVIDUAL MEMBERS

OF THE CLASS WHICH WOULD ESTABLISH INCOMPATIBLE STANDARDS OF CONDUCT FOR THE

PARTY OPPOSING THE CLASS; OR

(B) ADJUDICATIONS WITH RESPECT TO INDIVIDUAL MEMBERS OF THE CLASS WHICH WOULD

AS A PRACTICAL MATTER BE DISPOSITIVE OF THE INTERESTS OF THE OTHER MEMBERS NOT

PARTIES TO THE ADJUDICATIONS OR SUBSTANTIALLY IMPAIR OR IMPEDE THEIR ABILITY TO

PROTECT THEIR INTERESTS;

(2) THE PARTY OPPOSING THE CLASS HAS ACTED OR REFUSED TO ACT ON GROUNDS

GENERALLY APPLICABLE TO THE CLASS, THEREBY MAKING APPROPRIATE FINAL INJUNCTIVE

RELIEF OR CORRESPONDING DECLARATORY RELIEF WITH RESPECT TO THE CLASS AS A

WHOLE; OR

(3) THE COURT FINDS THAT THE QUESTIONS OF LAW OR FACT COMMON TO THE MEMBERS OF

THE CLASS PREDOMINATE OVER ANY QUESTIONS AFFECTING ONLY INDIVIDUAL MEMBERS, AND

THAT A CLASS ACTION IS SUPERIOR TO OTHER AVAILABLE METHODS FOR THE FAIR AND

EFFICIENT ADJUDICATION OF THE CONTROVERSY. THE MATTERS PERTINENT TO THE

FINDINGS INCLUDE:

(A) THE INTEREST OF MEMBERS OF THE CLASS IN INDIVIDUALLY CONTROLLING THE

PROSECUTION OR DEFENSE OF SEPARATE ACTIONS;

(B) THE EXTENT AND NATURE OF ANY LITIGATION CONCERNING THE CONTROVERSY ALREADY

COMMENCED BY OR AGAINST MEMBERS OF THE CLASS;

(C) THE DESIRABILITY OR UNDESIRABILITY OF CONCENTRATING THE LITIGATION OF THE

CLAIMS IN THE PARTICULAR FORUM; AND

(D) THE DIFFICULTIES LIKELY TO BE ENCOUNTERED IN THE MANAGEMENT OF A CLASS

ACTION.

(C)(1) AS SOON AS PRACTICABLE AFTER THE COMMENCEMENT OF AN ACTION BROUGHT AS A

CLASS ACTION, THE COURT SHALL DETERMINE BY ORDER WHETHER IT IS TO BE SO

MAINTAINED. AN ORDER UNDER THIS SUBSECTION MAY BE CONDITIONAL, AND MAY BE

ALTERED OR AMENDED BEFORE THE DECISION ON THE MERITS.

(2) IN ANY CLASS ACTION MAINTAINED UNDER PARAGRAPH (3) OF SUBSECTION (B) OF

THIS CODE SECTION, THE COURT SHALL DIRECT TO THE MEMBERS OF THE CLASS THE BEST

NOTICE PRACTICABLE UNDER THE CIRCUMSTANCES, INCLUDING INDIVIDUAL NOTICE TO ALL

MEMBERS WHO CAN BE IDENTIFIED THROUGH REASONABLE EFFORT. THE NOTICE SHALL

ADVISE EACH MEMBER THAT:

(A) THE COURT WILL EXCLUDE THE MEMBER FROM THE CLASS IF THE MEMBER SO REQUESTS

BY A SPECIFIED DATE;

(B) THE JUDGMENT, WHETHER FAVORABLE OR NOT, WILL INCLUDE ALL MEMBERS WHO DO

NOT REQUEST EXCLUSION; AND

(C) ANY MEMBER WHO DOES NOT REQUEST EXCLUSION MAY, IF THE MEMBER DESIRES,

ENTER AN APPEARANCE THROUGH COUNSEL.

(3) THE JUDGMENT IN AN ACTION MAINTAINED AS A CLASS ACTION UNDER PARAGRAPH (1)

OR (2) OF SUBSECTION (B) OF THIS CODE SECTION, WHETHER OR NOT FAVORABLE TO THE

CLASS, SHALL INCLUDE AND DESCRIBE THOSE WHOM THE COURT FINDS TO BE MEMBERS OF

THE CLASS. THE JUDGMENT IN AN ACTION MAINTAINED AS A CLASS ACTION UNDER

PARAGRAPH (3) OF SUBSECTION (B) OF THIS CODE SECTION, WHETHER OR NOT FAVORABLE

TO THE CLASS, SHALL INCLUDE AND SPECIFY OR DESCRIBE THOSE TO WHOM THE NOTICE

PROVIDED IN PARAGRAPH (2) OF SUBSECTION (B) OF THIS CODE SECTION WAS DIRECTED,

AND WHO HAVE NOT REQUESTED EXCLUSION, AND WHOM THE COURT FINDS TO BE MEMBERS OF THE CLASS.

(4) WHEN APPROPRIATE:

(A) AN ACTION MAY BE BROUGHT OR MAINTAINED AS A CLASS ACTION WITH RESPECT TO

PARTICULAR ISSUES; OR

(B) A CLASS MAY BE DIVIDED INTO SUBCLASSES AND EACH SUBCLASS TREATED AS A

CLASS, AND THE PROVISIONS OF THIS RULE SHALL THEN BE CONSTRUED AND APPLIED

ACCORDINGLY.

(D) IN THE CONDUCT OF ACTIONS TO WHICH THIS RULE APPLIES, THE COURT MAY MAKE

APPROPRIATE ORDERS:

(1) DETERMINING THE COURSE OF PROCEEDINGS OR PRESCRIBING MEASURES TO PREVENT

UNDUE REPETITION OR COMPLICATION IN THE PRESENTATION OF EVIDENCE OR ARGUMENT;

(2) REQUIRING, FOR THE PROTECTION OF THE MEMBERS OF THE CLASS OR OTHERWISE FOR

THE FAIR CONDUCT OF THE ACTION, THAT NOTICE BE GIVEN IN SUCH MANNER AS THE

COURT MAY DIRECT TO SOME OR ALL OF THE MEMBERS OF ANY STEP IN THE ACTION, OR OF

THE PROPOSED EXTENT OF THE JUDGMENT, OR OF THE OPPORTUNITY OF MEMBERS TO

SIGNIFY WHETHER THEY CONSIDER THE REPRESENTATION FAIR AND ADEQUATE, TO

INTERVENE AND PRESENT CLAIMS OR DEFENSES, OR OTHERWISE TO COME INTO THE ACTION;

(3) IMPOSING CONDITIONS ON THE REPRESENTATIVE PARTIES OR ON INTERVENORS; AND

(4) REQUIRING THAT THE PLEADINGS BE AMENDED TO ELIMINATE THEREFROM ALLEGATIONS

AS TO REPRESENTATION OF ABSENT PERSONS, AND THAT THE ACTION PROCEED ACCORDINGLY.

THE ORDERS MAY BE COMBINED WITH OTHER ORDERS, AND MAY BE ALTERED OR AMENDED BY THE COURT AS MAY BE DESIRABLE FROM TIME TO TIME.

(E) A CLASS ACTION SHALL NOT BE DISMISSED OR COMPROMISED WITHOUT THE APPROVAL

OF THE COURT, AND NOTICE OF THE PROPOSED DISMISSAL OR COMPROMISE SHALL BE GIVEN

TO ALL MEMBERS OF THE CLASS IN SUCH MANNER AS THE COURT DIRECTS.

(F) THE APPROPRIATE APPELLATE COURT MAY IN ITS DISCRETION PERMIT AN APPEAL

FROM AN ORDER OF A TRIAL COURT GRANTING OR DENYING CLASS ACTION CERTIFICATION

UNDER THIS CODE SECTION IF APPLICATION IS MADE TO IT WITHIN TEN DAYS AFTER

ENTRY OF THE ORDER. AN APPEAL DOES NOT STAY PROCEEDINGS IN THE TRIAL COURT

UNLESS THE TRIAL JUDGE OR THE APPELLATE COURT SO ORDERS. "

SECTION 4.

Said title is further amended by striking subsection (a) of Code Section 9-11-41, relating to dismissal of actions, and inserting in lieu thereof the following:

"(a)

(1) BY PLAINTIFF; BY STIPULATION. Subject to the provisions of subsection (c) (E) of Code Section 9-11-23, of Code Section 9-11-66, and of any statute, an action may be dismissed by the plaintiff, without order or

permission of court , by:

(A) BY filing a written notice of dismissal at any time before the plaintiff rests his case. After the plaintiff rests his case, permission and an order of the court must be obtained before dismissal FIRST WITNESS IS SWORN; OR

(B) BY FILING A STIPULATION OF DISMISSAL SIGNED BY ALL PARTIES WHO HAVE APPEARED IN THE ACTION.

(2) BY ORDER OF COURT. EXCEPT AS PROVIDED IN PARAGRAPH (1) OF THIS SUBSECTION,

AN ACTION SHALL NOT BE DISMISSED UPON THE PLAINTIFF 'S MOTION EXCEPT UPON ORDER

OF THE COURT AND UPON THE TERMS AND CONDITIONS AS THE COURT DEEMS PROPER. If a

counterclaim has been pleaded by a defendant prior to the service upon him OR HER of the plaintiff's motion to dismiss, the action shall not be dismissed against the defendant's objection unless the counterclaim can remain pending for independent adjudication by the court.

(3) EFFECT. A dismissal under this subsection is without prejudice, except that the filing of a third SECOND notice of dismissal operates as an adjudication upon the merits. "

SECTION 5.

Title 50 of the Official Code of Georgia Annotated, relating to state government, is amended by striking Code Section 50-2-21 relating to jurisdiction extending to persons within state limits, and inserting in its place a new Code Section 50-2-21 to read as follows:

"50-2-21.

(A) The jurisdiction of this state and its laws extend to all persons while within its limits, whether as citizens, denizens, or temporary sojourners.

(B) A COURT OF THIS STATE MAY DECLINE TO EXERCISE JURISDICTION OF ANY CIVIL

CAUSE OF ACTION OF A NONRESIDENT ACCRUING OUTSIDE THIS STATE IF THERE IS

ANOTHER FORUM WITH JURISDICTION OF THE PARTIES IN WHICH THE TRIAL CAN BE MORE

APPROPRIATELY HELD. IN DETERMINING THE APPROPRIATENESS OF THIS STATE OR OF

ANOTHER FORUM, THE COURT SHALL TAKE INTO ACCOUNT THE FOLLOWING FACTORS:

(1) THE PLACE OF ACCRUAL OF THE CAUSE OF ACTION;

(2) THE LOCATION OF WITNESSES;

(3) THE RESIDENCE OR RESIDENCES OF THE PARTIES;

(4) WHETHER A LITIGANT IS ATTEMPTING TO CIRCUMVENT THE APPLICABLE STATUTE OF

LIMITATIONS OF ANOTHER STATE; AND

(5) THE PUBLIC FACTOR OF THE CONVENIENCE TO AND BURDEN UPON THE COURT.

(C) UPON A MOTION FILED NOT LATER THAN 90 DAYS AFTER THE LAST DAY ALLOWED FOR

THE FILING OF THE MOVING PARTY 'S ANSWER AND UPON THE PARTY 'S SHOWING THAT THE

EXISTING FORUM CONSTITUTES AN INCONVENIENT FORUM BASED ON THE FACTORS LISTED IN

SUBSECTION (B) OF THIS CODE SECTION AND WHERE THERE IS ANOTHER FORUM WHICH CAN

ASSUME JURISDICTION, THE COURT MAY DISMISS THE ACTION WITHOUT PREJUDICE TO ITS

BEING FILED IN ANY APPROPRIATE JURISDICTION ON ANY CONDITION OR CONDITIONS THAT

MAY BE JUST. "

SECTION 6.

Title 51 of the Official Code of Georgia Annotated, relating to torts, is amended by striking Code Section 51-12-14, relating to unliquidated damages, and inserting in lieu thereof the following:

"51-12-14.

(a) Where a claimant has given written notice by registered or certified mail or statutory overnight delivery to a person against whom claim is made of a demand for an amount of unliquidated damages in a tort action and the person against whom such claim is made fails to pay such amount within 30 days from the mailing OR DELIVERING of the notice, the claimant shall be entitled to receive interest on the amount demanded if, upon trial of the case in which the claim is made, the judgment is for an amount not less than the amount demanded.

However, if, at any time after the 30 days and before the claimant has withdrawn his OR HER demand, the person against whom such claim is made gives written notice by registered or certified mail or statutory overnight delivery

of an offer to pay the amount of the claimant's demand plus interest under this Code section through the date such notice is given, and such offer is not accepted by the person making the demand for unliquidated damages within 30

days from the mailing OR DELIVERING of such notice by the person against whom such claim is made, the claimant shall not be entitled to receive interest on the amount of the demand after the thirtieth day following the date on which the notice of the offer is mailed OR DELIVERED even if, upon trial of the case in which the claim is made, the judgment is for an amount not less than the sum demanded pursuant to this Code section.

(b) Any written notice referred to in subsection (a) of this Code section may be given on only one occasion and shall specify that it is being given pursuant to this Code section.

(c) The interest provided for by this Code section shall be at the rate of 12 percent per annum AN ANNUAL RATE EQUAL TO THE PRIME RATE AS PUBLISHED BY THE BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM, AS PUBLISHED IN STATISTICAL RELEASE H. 15 OR ANY PUBLICATION THAT MAY SUPERSEDE IT, ON THE THIRTIETH DAY FOLLOWING THE DATE OF THE MAILING OF THE LAST WRITTEN NOTICE PLUS 3 PERCENT, and shall begin to run from the thirtieth day following the date of the mailing OR DELIVERING of the written notice until the date of judgment. THIS SUBSECTION SHALL APPLY TO ALL CIVIL ACTIONS FILED ON OR AFTER THE EFFECTIVE DATE OF THIS SUBSECTION.

(d) Evidence or discussion of interest on liquidated damages, as well as evidence of the offer, shall not be submitted to the jury. Interest shall be made a part of the judgment upon presentation of evidence to the satisfaction

of the court that this Code section has been complied with and that the verdict of the jury or the award by the judge trying the case without a jury is equal to or exceeds the amount claimed in the notice.

(e) This Code section shall be known and may be cited as the 'Unliquidated Damages Interest Act. '"

SECTION 7.

Said title is further amended by striking Code Section 51-12-71, relating to prerequisites for transfer of structured settlement payment rights, and inserting in lieu thereof the following:

"51-12-71.

(A) No direct or indirect transfer of structured settlement payment rights shall be effective and no structured settlement obligor or annuity issuer shall be required to make any payment directly or indirectly to any transferee of

structured settlement payment rights unless THE TRANSFER HAS BEEN APPROVED IN ADVANCE IN A FINAL COURT ORDER BY A COURT OF COMPETENT JURISDICTION OR ORDER OF ANY GOVERNMENT AUTHORITY VESTED BY LAW WITH EXCLUSIVE JURISDICTION OVER THE

SETTLED CLAIM RESOLVED BY THE STRUCTURED SETTLEMENT BASED ON EXPRESS FINDINGS

BY THE COURT OR GOVERNMENT AUTHORITY THAT:

(1) The transfer complies with the requirements of this article and will DOES not contravene other applicable law ANY FEDERAL OR STATE STATUTE OR THE ORDER OF ANY COURT OR ANY RESPONSIBLE ADMINISTRATIVE AUTHORITY;

(2) THE TRANSFER IS IN THE BEST INTEREST OF THE PAYEE TAKING INTO ACCOUNT THE

WELFARE AND SUPPORT OF THE PAYEE 'S DEPENDENTS;

(3) Not less than ten days prior to the date on which the transfer agreement is executed in writing, the transferee has provided to the payee an informational pamphlet relating to transfers of structured settlements as

provided for in subsection (b) of Code Section 51-12-73, when available, and a separate disclosure statement in bold type, no smaller than 14 points, setting forth:

(A) The amounts and due dates of the structured settlement payments to be transferred;

(B) The aggregate amount of such payments;

(C) The discounted present value of such payments, together with the discount rate used in determining such discounted present value;

(D) The gross amount payable to the payee in exchange for such payments;

(E) An itemized listing of all brokers' commissions, service charges, application fees, processing fees, closing costs, filing fees, administrative fees, legal fees, notary fees and other commissions, fees, costs, expenses, and charges payable by the payee or deductible from the gross amount otherwise payable to the payee;

(F) The net amount payable to the payee after deduction of all commissions, fees, costs, expenses, and charges described in subparagraph (E) of this paragraph;

(G) The quotient (expressed as a percentage) obtained by dividing the net payment amount by the discounted present value of the payments; and

(H) The amount of any penalty and the aggregate amount of any liquidated damages (inclusive of penalties) payable by the payee in the event of any breach of the transfer agreement by the payee; AND

(3) Written notice at least two business days prior to the effective execution of the transfer agreement has been provided by the transferee to the annuity issuer and the structured settlement obligor by certified mail or statutory

overnight delivery, postage prepaid; and

(4) The transferee has given written notice of the transferee's name, address, and taxpayer identification number to the annuity issuer and the structured settlement obligor AND HAS FILED A COPY OF THE NOTICE WITH THE COURT.

(B) AT LEAST 20 DAYS BEFORE THE HEARING WHICH IS SCHEDULED ON AN APPLICATION

FOR AUTHORIZING A TRANSFER OF STRUCTURED SETTLEMENT PAYMENT RIGHTS UNDER THIS

CODE SECTION, THE TRANSFEREE SHALL FILE WITH THE COURT AND DELIVER TO ALL

INTERESTED PARTIES A NOTICE OF THE PROPOSED TRANSFER AND THE APPLICATION FOR

ITS AUTHORIZATION. THE NOTICE SHALL INCLUDE THE FOLLOWING:

(1) A COPY OF THE TRANSFEREE 'S APPLICATION TO THE COURT;

(2) A COPY OF THE TRANSFER AGREEMENT;

(3) A COPY OF THE DISCLOSURE STATEMENT REQUIRED UNDER PARAGRAPH (3) OF

SUBSECTION (A) OF THIS CODE SECTION;

(4) NOTIFICATION THAT AN INTERESTED PARTY MAY SUPPORT, OPPOSE, OR OTHERWISE

RESPOND TO THE TRANSFEREE 'S APPLICATION, EITHER IN PERSON OR THROUGH COUNSEL,

BY PARTICIPATING IN THE HEARING OR BY SUBMITTING WRITTEN COMMENTS TO THE

COURT; AND

(5) A RULE NISI CONTAINING NOTIFICATION OF THE TIME AND PLACE OF THE HEARING

AND NOTIFICATION OF THE MANNER IN AND THE TIME BY WHICH ANY WRITTEN RESPONSE TO

THE APPLICATION MUST BE FILED IN ORDER TO BE CONSIDERED BY THE COURT. A WRITTEN

RESPONSE SHALL BE FILED WITHIN 15 DAYS AFTER SERVICE OF THE TRANSFEREE 'S

NOTICE.

(C) DELIVERY OF NOTICE AS REQUIRED BY SUBSECTION (B) OF THIS CODE SECTION MAY

BE MADE AS PROVIDED IN CODE SECTION 9-11-4 OR BY REGISTERED OR CERTIFIED MAIL,

RETURN RECEIPT REQUESTED. NOTICE BY REGISTERED OR CERTIFIED MAIL IS EFFECTIVE

UPON THE DATE OF DELIVERY AS SHOWN ON THE RETURN RECEIPT. IF NOTICE BY

REGISTERED OR CERTIFIED MAIL IS REFUSED OR RETURNED UNDELIVERED, NOTICE SHALL

BE DELIVERED AS PROVIDED IN CODE SECTION 9-11-4.

(D) THE VENUE FOR ANY APPLICATION BROUGHT UNDER THIS CODE SECTION SHALL BE IN

THE COUNTY IN WHICH ANY TRANSFEREE OR TRANSFEROR RESIDES OR IN ANY COUNTY IN

WHICH ANY OF THE TRANSFEREES OR TRANSFERORS HAVE CONSENTED TO VENUE. "

SECTION 8.

Said title is further amended by striking Code Section 51-12-72, relating to required transfer agreements, and inserting in lieu thereof the following:

"51-12-72.

(a) Any transfer agreement of structured settlement payment rights must, in addition to the other requirements of this article, be executed in writing AND FILED AS PROVIDED IN CODE SECTION 51-12-71. The transfer agreement shall not be so executed until after the expiration of the ten-day period provided for in paragraph (2) (3) of Code Section 51-12-71.

(b) No payee shall incur any obligation of any type with respect to a proposed transfer of structured settlement payment rights prior to the execution in writing of the transfer agreement.

(c) Any payee who executes in writing a transfer agreement shall have the right to rescind the transfer at any time within the next 21 days following the written execution of the transfer agreement OR AT THE HEARING PROVIDED FOR IN SUBSECTION (B) OF CODE SECTION 51-12-71, WHICHEVER EVENT OCCURS LAST. The transferee shall furnish to the payee at the time of execution of the transfer agreement a notice to the payee allowing the payee 21 days to cancel the transfer. This right to cancel shall not limit or otherwise affect the payee's

right to cancel pursuant to any other provision of applicable law. The notice shall serve as the cover sheet to the transfer documents. It shall be on a separate sheet of paper with no other written or pictorial material, in at

least ten-point bold type, double spaced, and shall read substantially as follows: 'NOTICE OF CANCELLATION RIGHTS:

Please read this form completely and carefully. It contains valuable cancellation rights.

You may cancel this transaction at any time prior to 5:00 P. M. of the twenty-first day following receipt of this notice OR AT THE HEARING ON THE APPLICATION FOR AUTHORIZATION OF A TRANSFER OF STRUCTURED SETTLEMENT PAYMENT RIGHTS, WHICHEVER EVENT OCCURS LAST.

This cancellation right cannot be waived in any manner. To cancel, sign this form, and mail or deliver it to the address below by 5:00 P. M. of (the twenty-first day following the transaction). It is best to mail it by certified mail or statutory overnight delivery, return receipt requested, and to keep a photocopy of the signed form and your post office receipt.

Address to which cancellation is to be returned:

I (we) hereby cancel this transaction.

Payee's Signature Date: . '" SECTION 9.

This Act shall become effective on July 1, 2003, and shall apply to all civil

actions filed on or after July 1, 2003. SECTION 10.

All laws and parts of laws in conflict with this Act are repealed.