Mich. Comp. Laws § 691.1301
Short title.
This act shall be known and may be cited as the "revised structured settlement protection act".
Michigan Compiled Laws — REVISED STRUCTURED SETTLEMENT PROTECTION ACT (Act 296 of 2006)
Michigan · statute · 296 of 2006, Mich. Comp. Laws · 9 active provisions
Mich. Comp. Laws § 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. (b) "Dependent" means a payee's spouse, minor child, or any other person for whom the payee is legally obligated to provide support, including alimony. (c) "Discounted present v…
Mich. Comp. Laws § 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 separate disclosure statement in bold type no smaller than 14 points setting forth all of the following: (a) The amounts and due dates of the structured settlement payments to be transferred. (b…
Mich. Comp. Laws § 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 to make a payment directly or indirectly to a transferee of structured settlement payment rights unless the transfer has been approved in a final court order and t…
Mich. Comp. Laws § 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 issuer are discharged and released from all liability for the transferred payments as to any person except the transferee. (b) The transferee is liable to the structu…
Mich. Comp. Laws § 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 payee resides, in the county in which the structured settlement obligor or the annuity issuer maintains its principal place of business, or with the court that approved the structure…
Mich. Comp. Laws § 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 this act by a payee who resides in this state shall provide that disputes under the transfer agreement, including a claim that the payee has breached the agreement, shall be determined in and und…
Mich. Comp. Laws § 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 the effective date of this act.
Mich. Comp. Laws § 691.1310
Effective date.
This act takes effect September 1, 2006.