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Tag: “Maryland Structured Settlement Protection” “Maryland SSPA” “structured settlement protection” “structured settlement factoring” SSPA

In Calling For Ban on Settlement Factoring Transactions by Lead Poisoning Victims, Law Professor Says Current Laws Are Inadequate

In Calling For Ban on Settlement Factoring Transactions by Lead Poisoning Victims, Law Professor Says Current Laws Are Inadequate

Current laws regarding the sale of structured settlement payment rights are inadequate to protect lead-poisoning victims. So says law school Professor Karen Syma Czapanskiy in her recent article, “Structured Settlement Sales and Lead-Poisoned Sellers: Just Say No”, in the Virginia Environmental Law Journal (36 Va. Envtl. L. J. 1). The University of Maryland School of Law professor argues that sales of structured settlement payment rights by lead poisoning victims should be banned. Professor Czapanskiy offered a number of criticisms of…

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Ban Factoring Where Structured Settlement Payee Is A Lead Poisoning Victim, Advocates Maryland Law School Professor

Ban Factoring Where Structured Settlement Payee Is A Lead Poisoning Victim, Advocates Maryland Law School Professor

A 2018 law review article poses the question of whether structured settlement factoring transactions by lead-poisoning victims should be permissible under the law – and concludes “that allowing such sales is unjustifiable”. The article, “Structured Settlement Sales and Lead-Poisoned Sellers: Just Say No”, by University of Maryland School of Law Professor Karen Syma Czapanskiy, appears in a recent edition of the Virginia Environmental Law Journal (36 Va. Envtl. L. J. 1). Professor Czapanskiy begins her article describing the most famous…

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More News Reports Describe CFPB Lawsuit, Reactions

More News Reports Describe CFPB Lawsuit, Reactions

The Consumer Protection Financial Bureau’s lawsuit against factoring company Access Funding, alleging violations of federal law in connection with structured settlement factoring transactions between the company and Maryland residents, has led to a number of news reports and other articles describing both the litigation and some reactions. Here is a sample of the media pieces and what they say: Federal Watchdog Sues Md. Company Over Lead Paint Settlements, Baltimore Sun (available here), which reports on how the CFPB lawsuit followed an…

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Maryland Revises Structured Settlement Protection Act, Adds Anti-Forum Shopping Provision and Potentially Strict Registration Requirement

Maryland Revises Structured Settlement Protection Act, Adds Anti-Forum Shopping Provision and Potentially Strict Registration Requirement

As described here, the Maryland Structured Settlement Protection Act has been revised, with a new statute to go into effect October 1, 2016. The revisions include provisions that, it could be argued, are among the most strict statutory requirements of the forty-nine state SSPAs that govern transfers of structured settlement payment rights. Just how strict those provisions are in practice, though, may depend on how much scrutiny the Maryland Attorney General’s office applies in the future. State SSPAs establish that transfers of…

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Report: Freddie Gray’s Death Prompted Legislative Responses, Including Revised Maryland Structured Settlement Protection Act

Report: Freddie Gray’s Death Prompted Legislative Responses, Including Revised Maryland Structured Settlement Protection Act

The death of Freddie Gray while in the custody of Baltimore police more than a year ago – and the subsequent civil unrest in that city – prompted many legislative initiatives in Maryland, according to recent news reports summarizing the end of the state’s legislative session. One such development was the enactment of a revised Maryland Structured Settlement Protection Act. So say the reports, such as the story headlined Freddie Gray’s death, ensuring unrest spark legislative agenda, appearing in the…

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Maryland Attorney General Sues Factoring Company

Maryland Attorney General Sues Factoring Company

The Washington Post and 60 Minutes have reported this week that the Maryland Attorney General has filed a lawsuit against a factoring company whose practices allegedly include the targeting of lead paint poisoning victims as prospective customers of its structured settlement payment purchases. The Attorney General’s lawsuit alleges that factoring company Access Funding, along with other defendants, made misrepresentations to Maryland courts when the company obtained orders approving transfers of structured settlement payment rights, and that those orders therefore should be…

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Washington Post Editorializes: Maryland Legislators Should ‘Hold Firm’ to Protect Structured Settlement Payees

Washington Post Editorializes: Maryland Legislators Should ‘Hold Firm’ to Protect Structured Settlement Payees

The Washington Post’s Editorial Board this week wrote about structured settlement protection acts, saying that Maryland legislators should “hold firm” against attempts to water down a bill that would revise the Maryland Structured Settlement Protection Act. The Post’s editorial began with the following statements: DISCLOSURES ABOUT how the structured-settlement-purchasing industry victimizes vulnerable people in Virginia and Maryland have led to some needed reforms.  The Maryland courts established more stringent rules, and Virginia’s General Assembly approved a bill, recently signed by…

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Maryland Appeals Court Judge Says Judicial System ‘Dropped the Ball’ on Structured Settlement Protection, According to Published Report

Maryland Appeals Court Judge Says Judicial System ‘Dropped the Ball’ on Structured Settlement Protection, According to Published Report

A retired judge from Maryland’s highest court said the state’s judiciary “dropped the ball” on structured settlement protection, according to a report in a Maryland legal and business publication. The Daily Record said that former Court of Appeals Judge Alan M. Wilner said that when the Maryland Structured Settlement Protection Act was enacted in 2000, “we just dropped there ball on this one . . . ” Said the news report: Wilner . . .  briefed lawmakers on the Judiciary’s new…

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News Reports: Maryland Lawmakers, Judges Continue to Look at Ways to Prevent Factoring Abuses by Boosting Structured Settlement Protections

News Reports: Maryland Lawmakers, Judges Continue to Look at Ways to Prevent Factoring Abuses by Boosting Structured Settlement Protections

News outlets yesterday began running an Associated Press story saying that “Maryland’s attorney general and lawmakers are looking at ways to protect the public from bad deals offered by businesses that have bought legal settlements from lead poisoning victims, such as Baltimore’s Freddie Gray, at a steep discount.” The story describes how the Washington Post reported last year that Gray, who died in 2015, had agreed in 2013 to sell some of his structured settlement payments, and – as judges have…

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Maryland Attorney General’s Scrutiny Aimed at ‘Shell Companies’ That Purchase Settlement Payments, Says News Report

Maryland Attorney General’s Scrutiny Aimed at ‘Shell Companies’ That Purchase Settlement Payments, Says News Report

The Maryland Attorney General’s office is taking steps aimed at “shell companies” that are unregistered to do business in that state but have been seeking to purchase structured settlement payment rights from Maryland residents, according to a news report last week. “Companies that purchase settlement payouts belonging to some of the state’s more vulnerable residents are under scrutiny by the Maryland attorney general’s office for using what it calls ′unregistered shell companies′ in these deals – a violation of state corporate…

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