Day: February 11, 2019

Transfers of Structured Settlement Payment RightsOriginally Posted on December 22, 2014 and reposted on February 11, 2019

Article 2.3 Transfers of Structured Settlement Payment Rights


10136(c) The Beginning of a Thirteen (13) Step Subdivision:  10136(c)1-13! 


(c) The transfer agreement shall be written in at least 12-point type and shall be complete and without blank spaces to be completed after the payee’s signature. The transfer agreement shall set forth clear and conspicuously, and in no less than 12-point type, all of the following:


The italicized paragraph is the third paragraph of California Insurance Code, “Section 10136 Disclosure; Notice; Compliance with Section 10138”.  And this “(c)” paragraph has thirteen (13) little paragraphs that go along with it, or, as you see at the end of the italicized paragraph, are the “following”.


In this blog, we will dissect just the “(c)” paragraph.


Remember, in the two previous paragraphs of 10136, (a) and (b), stated adherence to this section is mandatory and that a boiler-plate disclosure statement is provided, and mandatory adherence to it is expected as well, respectively.


Now, in 10136’s third paragraph, (c), the section moves into another critical document, the transfer agreement and it’s parameters.


What is the transfer agreement vs. the disclosure statement?  This means the agreement providing for the transfer that is drafted by the transfer company, on the payees’ behalf.  It contains all of the payee’s sensitive financial and personal information, amongst all of the other information/documents used to put the transfer into motion before the court.  The disclosure statement is a preliminary statement explaining how the financial breakdown happens, in detail.


10136 (c) is stating that the transfer company needs to make sure the size of the font or the type of letter is big enough for a normal person to read, and that all boiler-plate blank places waiting to be filled in, NEED to be filled IN before the payee signs.


In addition to that, the 10136 (c) is stressing to the transfer company that the transfer agreement needs to explain to the payee in very clear and “clearly visible or obvious to the eye or mind, something that will attract the payees attention, “conspicuous” instructions for every party to follow.


In other words,  the transfer agreement needs to be as “idiot-proof” as possible, even for professionals, not versed in financial markets.


Originally posted 2014-12-22 22:37:07. Republished by Blog Post Promoter

The post Transfers of Structured Settlement Payment Rights<span class="entry-meta">Originally Posted on December 22, 2014 and reposted on February 11, 2019</span> appeared first on Structured Settlement Expert.

Structured Settlement Disclosure StatementOriginally Posted on October 18, 2014 and reposted on February 11, 2019

What California Doesn’t Regulate in the Structured Settlement Disclosure California Structured Settlement ExpertStatement

But Your Independent Professional Adviser Can

 The price.  California legislature oversees the entire disclosure statement:  the format, the size of the font, what should be said, the calculations that should be revealed to the consumer, the how, what and why.  Everything but what the cut will be for the transfer company.

The price the transfer company decides to buy your structured settlement payment rights is totally up for grabs.  It’s private business.  It’s like buying a car at this point.  The California legislature, the courts can help you, and protect you up to a certain point.

As far as the price goes, you’re on your own; unless you hire an independent professional adviser that can shop around for the best price for you.

Did you know that the disclosure statement is telling you what the transfer company is OFFERING you for a price for your payment rights?  This is their offer.

Did you know that there are hundreds of OTHER transfer companies that offer competitive prices for your payment rights?

Did you know that you have bargaining power?  Maybe you personally wouldn’t, but a perceptive independent professional adviser that knows the attorneys of the transfer companies would have bargaining power on your behalf.

You don’t have to rush into this.  Even though you might feel desperate.  Think twice and call an independent professional adviser.

Originally posted 2014-10-18 18:57:18. Republished by Blog Post Promoter

The post Structured Settlement Disclosure Statement<span class="entry-meta">Originally Posted on October 18, 2014 and reposted on February 11, 2019</span> appeared first on Structured Settlement Expert.