+ − Summary
+ − Full Texts (3)
+ − Actions (36)
- Public Act . . . . . . . . . 99-0286
- Effective Date August 5, 2015
- Governor Approved
- Sent to the Governor
- Passed Both Houses
- Third Reading - Short Debate - Passed 115-000-000
- Placed on Calendar Order of 3rd Reading - Short Debate
- Second Reading - Short Debate
- Placed on Calendar 2nd Reading - Short Debate
- Do Pass / Short Debate Judiciary - Civil Committee; 011-000-000
- Committee Deadline Extended-Rule 9(b) May 15, 2015
- Assigned to Judiciary - Civil Committee
- Referred to Rules Committee
- First Reading
- Arrived in House
- Senate Floor Amendment No. 2 Recommend Do Adopt Judiciary; 011-000-000
- Recalled to Second Reading
- Senate Floor Amendment No. 2 Adopted; Haine
- Placed on Calendar Order of 3rd Reading
- Third Reading - Passed; 057-000-000
- Senate Floor Amendment No. 2 Assignments Refers to Judiciary
- Senate Floor Amendment No. 2 Referred to Assignments
- Senate Floor Amendment No. 2 Filed with Secretary by Sen. William R. Haine
- Placed on Calendar Order of 3rd Reading March 26, 2015
- Second Reading
- Senate Committee Amendment No. 1 Assignments Refers to Judiciary
- Do Pass as Amended Judiciary; 012-000-000
- Senate Committee Amendment No. 1 Adopted
- Placed on Calendar Order of 2nd Reading March 25, 2015
- Senate Committee Amendment No. 1 Referred to Assignments
- Senate Committee Amendment No. 1 Filed with Secretary by Sen. William R. Haine
- Postponed - Judiciary
- Assigned to Judiciary
- Referred to Assignments
- First Reading
- Filed with Secretary by Sen. William R. Haine
+ − Adopted Amendments (2)
Senate Amendment 002
Replaces everything after the enacting clause with the bill as amended by Senate Amendment No. 1 with the following changes: In provisions concerning the effects of transfer of structured settlement payment rights, provides that the discharge and release shall not be affected by the failure of any party (rather than other party) to the transfer to comply with the Act. Provides that certain information shall (rather than should) be submitted with the application for transfer of structured settlement payments to the court. Further amends the Structured Settlement Act. Provides that certain required disclosures must be made at least 10 days (rather than 3) in advance of the date on which a payee signs a separate disclosure agreement. Provides that those required disclosures shall include the effective annual interest rate. Makes other changes. Effective immediately.
Senate Amendment 001
Makes changes to the effects of a transfer of structured settlement payment rights approved under the Structured Settlement Protection Act. Provides that the structured settlement obligor and the annuity issuer shall, as to all parties except the transferee or an assignee designated by the transferee, be discharged and released from any and all liability for the transferred payments, and the discharge and release shall not be affected by the failure of any other party to the transfer to comply with the Act or with the order of the court approving the transfer (rather than the structured settlement obligor and the annuity issuer shall, as to all parties except the transferee or an assignee designated by the transferee, be discharged and released from any and all liability for complying with the court order and from any and all liability to the payee for the transferred payments, and the structured settlement obligor and the annuity issuer shall comply with the court order and shall not have or incur any liability to the payee, transferee, or assignee as a result of the failure of the court order, transfer agreement, disclosure statement, or the transfer proceeding to comply with the Act or another applicable State or federal statute relating to structured settlement transfers or any other law). Makes changes to the procedure for approval of transfers of structured settlement payment rights. Provides that for applications for transfer of structured settlement payments brought by payees not domiciled in the State, the application shall be filed in the court in the state that approved the structured settlement agreement or in the court in which the structured settlement obligor or annuity issuer has its principal place of business (rather than in the county in which the structured settlement obligor or annuity issuer is domiciled or has its principal place of business). Adds a requirement for a hearing to be held on the approval of a transfer of structured settlement payment rights, and requires certain documentation to be filed not less than 20 days prior to the hearing. Allows a court to hold a hearing on the merits of the application even in spite of certain terms (rather than allowing a court to review and approve applications despite the existence of certain terms). Makes other changes. Further amends the Structured Settlement Protection Act. Makes changes to the definitions of "interested parties" and "structured settlement". Removes references to responsible administrative authorities.