Minnesota’s Structured Settlement Protection Act Is Revised To Make Sure Judge’s Get Information About Prior Transfers

Minnesota’s Structured Settlement Protection Act Is Revised To Make Sure Judge’s Get Information About Prior Transfers

The Minnesota Structured Settlement Protection Act has been revised to make sure that judges reviewing proposed transfers of structured settlement payment rights have information about prior transfers by the same payee.

Beginning August 1, transferees (or factoring companies) filing petitions seeking court approval under the Minnesota SSPA must provide to the court – among other things – details about the prior transfers.

Specifically, the petition must include “the date and judicial district of any prior applications for transfer filed by the transferee relating to a prior proposed transfer with the payee, including whether the prior application was granted or denied” and, “if granted,” then the formation must include “the amount and due dates of any structured settlement payments that were transferred, the aggregate amount of the payments, the discounted present value of the payments, and the gross amount that was payable to the payee in exchange for the payments.”

The bill, signed into law, in May and is available here and an informative article about the bill is available here.

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