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Tag: “Minnesota SSPA” “Minnesota structured settlement” “structured settlement protection” “Minnesota Structured Settlement Protection” “structured settlement factoring” “court order”

Under Some State Structured Settlement Protection Acts, A Payee Must Receive Independent Professional Advice, As One Minnesota Appellate Opinion Illustrates

Under Some State Structured Settlement Protection Acts, A Payee Must Receive Independent Professional Advice, As One Minnesota Appellate Opinion Illustrates

Most structured settlement protection acts provide that a transfer of the right to receive a future structured settlement payment is effective only when a court approves a transfer based on findings that (1) the transfer is in the payee’s best interest, (2) the transfer does not contravene a court order or statute, and (3) the payee has received independent professional advice, or knowingly, and in writing, waived the right to receive such advice. As to that last requirement, a New…

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A Few Words About Minnesota, Prior Transfer, and Advertising

A Few Words About Minnesota, Prior Transfer, and Advertising

As described in this post, the state of Minnesota has revised its structured settlement protection act to require that courts be provided with information about prior transfer attempts by the same payee. Thus, when a factoring company files a petition seeking court approval, under the Minnesota SSPA, of a proposed transfer of structured settlement payment rights, the company must include with the petition certain details about any transfers, or attempted transfers, involving the same payee. In particular, the revised Minnesota SSPA…

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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…

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Newspaper Says Minnesota Attorney General Is Investigating Payee’s Structured Settlement Factoring Transactions

Newspaper Says Minnesota Attorney General Is Investigating Payee’s Structured Settlement Factoring Transactions

A Minnesota newspaper is reporting that the state's attorney general is investigating whether any laws were violated when a structured settlement payee, who was said to be a childhood lead poisoning victim, sold payments to two factoring companies in separate transactions. Both transactions were approved via court orders, in proceedings filed pursuant to the Minnesota Structured Settlement Protection Act.  But the news story says the payee's situation "raises questions about who is looking out for vulnerable adults with such settlements and whether they need…

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