The Oregon Structured Settlement Protection Act (“Oregon SSPA”) is one of forty-eight state structured settlement protection acts (SSPAs) – every state has one, except for Wisconsin and New Hampshire.
Dating back to 2005, the Oregon SSPA originally followed, for the most part, the model legislation that is in place (with some modifications) in most states.
Last year, the Oregon legislature decided to revise the Oregon SSPA, and the revisions were signed into law and went into effect January 1, 2014. As described here, here, here and here, the revisions include added requirements about the things that must be included by factoring companies in SSPA petitions, about evidence that courts may want to consider at the hearing, about considerations courts may want to take into account as part of the “best interest” and “fair and reasonable” considerations, and about new findings that are prerequisites to approval of a factoring transaction.
There are other revisions that went into effect as well. These include the following:
- An Oregon SSPA matter can no longer be filed in the county where the obligor or annuity issuer have a principal place of business;
- The “cooling off” period between the time a payee receives a disclosure statement and the time the payee signs a transfer agreement has been changed from 3 to 14 days; and
- There are new provisions concerning “independent professional advice.”
The text of the bill that became the revised Oregon SSPA is here.