Browsed by
Tag: “Maryland structured settlement protection”

What’s Happened With the Litigation Over Settlement Factoring in Maryland

What’s Happened With the Litigation Over Settlement Factoring in Maryland

Maryland has been at the center of attention since the Washington Post began its series of news stories about structured settlement factoring. Some of what’s happened in Maryland involve changes in legislation (see here) or judicial rules (see here). Another front has been in state court, where two lawsuits have been at the center of attention, when the topic is structured settlement factoring. One lawsuit was brought by the Maryland Attorney General, which sued factoring company, Access Funding, LLC., the…

Read More Read More

What’s Happened with Maryland’s Judicial Procedures for Structured Settlement Factoring Cases

What’s Happened with Maryland’s Judicial Procedures for Structured Settlement Factoring Cases

Even before the Maryland legislature adopted a revised Structured Settlement Protection Act (as described in this post), the Maryland judiciary had responded to the attention focused on alleged abuses in structured settlement factoring company practices in that state. Maryland’s courts had adopted a new statewide rule for matters filed under the state’s SSPA, to go into effect January 1, 2016. Maryland’s judicial rule for SSPA proceedings requires: Payees to appear in court at hearings (a required later also reflected in the…

Read More Read More

Maryland Courts Revise Rules for Structured Settlement Protection Act Proceedings

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…

Read More Read More

Revised Maryland SSPA Now Also Requires Factoring Company Bond

Revised Maryland SSPA Now Also Requires Factoring Company Bond

As with the requirement that factoring companies register with the state Attorney General (described here), the revised Maryland Structured Settlement Protection Act (effective October 1, 2016) also requires a bond by factoring companies, as described in this post. UPDATE: And here is another recent article, Bonding Requirement Added for Maryland Structured Settlement Companies, describing the new bonding requirement for readers of Insurance Journal.

National Consumers League Praises Suit Filed Against Factoring Company by Maryland Attorney General’s

National Consumers League Praises Suit Filed Against Factoring Company by Maryland Attorney General’s

The National Consumers League this week issued a statement praising the lawsuit filed by Maryland’s Attorney General against a structured settlement factoring company over what are alleged to have been “predatory” practices. National Consumers League executive director Sally Greenberg said the NCL applauded the lawsuit by Maryland Attorney General.  According to Greenberg’s statement, “[s]tructured settlements, by their very nature, are designed to provide ongoing support to consumers who have been the victims of harmful business practices” but “[u]nfortunately, many of these…

Read More Read More