Alaska Eff. Date: 08/12/2003 |
Alaska Code § 09.60.200 & § .09.60.23 | Disclosure of Key Terms to payee required. [ 1 ] Payee must receive independent professional advice regarding implications of the transfer | ||
Delaware Eff. Date: 07/26/2000 |
Delaware Code, title 10, § 6601 & § 6602 | Payee must receive independent financial advice. | ||
Florida Eff. Date: 10/01/2001 |
Florida Statute § 626.99296 | Payee must receive independent financial advice. Cannot factor structured settlements of claims for workers comp. benefits. | ||
Maine Eff. Date: 09/18/1999 |
Maine Rev. Statute Ann. Title 24A § 2241 to § 2246 | Payee required to receive independent professional advice. Interested parties must consent to transfer if settlement documents bar assignment of payments | ||
Maryland Eff. Date: 10/01/2000 |
Maryland Courts and Judicial § 5-1101-5-1105 | Payee must receive independent professional advice. Cannot factor structured settlements of claims for workers comp. benefits. | ||
Massachusetts Eff. Date: 01/12/2001 |
Massachusetts Ann. Laws chapter 231C § 2 | Payee must receive independent professional advice. | ||
Michigan Eff. Date: 01/14/2001 | Michigan Comp. Laws § 691.1191 to § 691.1197 | Payee must receive independent professional advice. Interested parties must consent to transfer if settlement documents bar assignment of payments. Discount/interest cannot exceed 25% per year. Cannot factor structured settlements of claims for workers comp. benefits. | ||
Minnesota Eff. Date: 08/01/1999 |
Minnesota Statute § 549.31 to § 549-34 | Payee must receive independent professional advice. Cannot factor structured settlements of claims for workers comp. benefits. | ||
North Carolina Eff. Date: 10/01/1999 |
North Carolina General Statute § 44B-1-543.10 to § 44B-1-543.15 | Payee must receive professional advice. Discount/interest rate cannot exceed prime + 5%; fees cannot exceed 2% of net amount payable to payee. Cannot factor structured settlements of claims for workers comp. benefits. | ||
Ohio Eff. Date: 10/27/2000 |
Ohio Rev. Code Ann. § 2323.58.1 to § 2323.58.7 | Payee must receive professional advice. Cannot factor structured settlements of claims for workers comp. benefits. |
This comes straight from the IRS, it is a compilation of excerpts from the various structured settlement protection acts, in regards to IPA's. In these state you are required to have a IPA, unlike other states were it is only required to be advised of your rights to have an IPA.
To speak to an Independent Professional Advisor today Call Us (855) 313 - 3327 Toll Free
Structured Settlement Attorney Eugene Ahtirski
[caption id="attachment_10" align="alignnone" width="300"] Structured Settlement Transfer Experts[/caption]