Michigan Compiled Laws Act 296 Of 2006 Revised Structured Settlement Protection Act (691.1301 - 691.1310)

AN ACT to regulate the transfer of structured settlement rights; to place conditions on the transfer of structured settlement rights; to establish a procedure for approval of transfer of structured settlement rights; and to repeal acts and parts of acts.

History: 2006, Act 296, Eff. Sept. 1, 2006

Section 691.1301 Short Title.
This act shall be known and may be cited as the "revised structured settlement protection act". History: 2006, Act 296, Eff. Sept. 1, 2006
Section 691.1302 Definitions.
As used in this act: (a) "Annuity issuer" means an insurer that has issued a contract to fund periodic payments under a structured settlement....
Section 691.1303 Separate Disclosure Statement To Be Provided By Transferee; Type; Contents.
Not less than 3 days before the date on which a payee signs a transfer agreement, the transferee shall provide to the payee a...
Section 691.1304 Transfer Of Structured Settlement Payment Rights; Final Court Order; Approval; Basis; Findings.
A direct or indirect transfer of structured settlement payment rights is not effective and a structured settlement obligor or annuity issuer is not required...
Section 691.1305 Transfer Of Structured Settlement Payment Rights; Effects.
A transfer of structured settlement payment rights under this act has all of the following effects: (a) The structured settlement obligor and the annuity...
Section 691.1306 Transfer Of Structured Settlement Payment Rights; Application For Approval; Court Jurisdiction; Notice Of Proposed Transfer.
(1) The transferee may apply for approval of a transfer of structured settlement payment rights with the court in the county in which the...
Section 691.1307 Waiver Prohibited; Scope And Effect Of Act; Failure To Comply With Act.
(1) A payee shall not waive a provision of this act. (2) A transfer agreement entered into on or after the effective date of...
Section 691.1308 Applicability Of Act.
This act applies to a transfer of structured settlement payment rights under any transfer agreement entered into on or after the thirtieth day after...
Section 691.1309 Repeal Of Mcl 691.1191 To 691.1197.
The structured settlement protection act, 2000 PA 330, MCL 691.1191 to 691.1197, is repealed effective 30 days after the effective date of this act....
Section 691.1310 Effective Date.
This act takes effect September 1, 2006. History: 2006, Act 296, Eff. Sept. 1, 2006

Last modified: October 10, 2016