12-2904. Waiver; penalties
A. The provisions of this chapter shall not be waived.
B. A payee who proposes to make a transfer of structured settlement payment rights
shall not inure any penalty, forfeit any application fee or other payment or otherwise
incur any liability to the proposed transferee based on any failure of the transfer to
satisfy the conditions specified in section 12-2902.
C. Any transfer agreement entered into on or after the effective date of this
section by a payee who resides in this state shall provide that disputes under the
transfer agreement, including any claim that the payee has breached the agreement, shall
be determined in and under the laws of this state. A transfer agreement shall not
authorize the transferee or any other party to confess judgment or consent to entry of
judgment against the payee.
D. A transfer of structured settlement payment rights shall not extend to any
payments that are life contingent unless, before the date on which the payee signs the
transfer agreement, the transferee has established and has agreed to maintain procedures
reasonably satisfactory to the annuity issuer and the structured settlement obligor for
both of the following:
1. Periodically confirming the payee's survival.
2. Giving the annuity issuer and the structured settlement obligor prompt written
notice if the payee dies.
E. Compliance with the requirements and fulfillment of the conditions set forth in
this chapter is the sole responsibility of the transferee in any transfer of structured
settlement payment rights, and the structured settlement obligor or the annuity issuer is
not responsible for, or any liability arising from, noncompliance with the requirements
or failure to fulfill the requirements of this chapter.
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