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Louisiana Structured Settlements |
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Yes, you can trade Louisiana structured settlement payments for upfront cash. |
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| Statute and Bill #: La. R.S. 9:2715 (LA H.B. 179) |
| Enacted 6/27/2003 Effective 8/15/2003 |
| Summary: Permits the sale or assignment of Louisiana structured settlement payment rights, subject to a court’s review and approval based on showing that the proposed transfer is in the consumer’s "best interests," taking into account the welfare of the consumer’s dependents (if any). Requires certain disclosures and other consumer protections. |
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Full Text Of Bill: |
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Section 1. R.S. 9:2715(B)(1) is hereby amended and reenacted and R.S. 9:2715(J) is hereby enacted to read as follows: Section 2715. Transfer of structured settlement rights B. The direct or indirect transfer of structured settlement payment rights shall not be effective nor shall a structured settlement obligor or annuity issuer be required to make a payment directly or indirectly to a transferee of structured settlement payment rights unless all of the following requirements are met: (1) The transfer of structured settlement payment rights has been authorized in advance by ex parte order of a court of competent jurisdiction which had jurisdiction over the original tort or workers' compensation claim resolved by the structured settlement or in which the original tort or workers' compensation claim could have been brought , OR IN THE PARISH WHERE THE PAYEE RESIDES AT THE TIME OF FILING THE EX PARTE PETITION . At least twenty days prior to the issuance of the order, the transferee shall file a petition for transfer with the caption "Ex Parte Petition for Transfer of Structured Settlement Rights by (name of Transferee)." J. ANY PERSON WHO ACQUIRES DIRECTLY OR INDIRECTLY STRUCTURED SETTLEMENT PAYMENT RIGHTS IN A STRUCTURED SETTLEMENT FACTORING TRANSACTION IN ADVANCE OF AN ORDER REQUIRED BY THIS SECTION MAY BE SUBJECT TO THE TAX IMPOSED UNDER THE INTERNAL REVENUE CODE, 26 U.S.C. 5891. |
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