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Maryland Courts Revise Rules for Structured Settlement Protection Act Proceedings

The Maryland judiciary this month has revised the rules governing actions filed pursuant to that state’s structured settlement protection act.

The rule revises the requirements concerning documents to be filed by factoring companies that seek judicial approval of transfers under the structured settlement protection act – list of documents that now includes a copy of the underlying complaint, as well as “proof of the petitioner’s current registration with the Office of the Attorney General as a structured settlement transferee or a copy of a pending application for registration as specified in Code, Courts Article, § 5-1107, if the Office of the Attorney General has not acted” on the application within the requisite ninety days.

Other revisions make changes to the affidavit that must be filed by a payee’s independent professional advisor, and to the requirement that a transferee’s representative must be authorized to testify at the hearing on the transfer.

The rule also revises the provision for the proper venue of an action involving a structured settlement that was approved by a Maryland court, or that was pending in a Maryland court at the time of settlement, if the payee is not a Maryland resident.

The rule is available in full here.

 

 

 

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