[§676‑6]  General provisions
construction.  (a)  The provisions of this chapter may not be waived by any
payee.



(b)  Any transfer agreement entered into on or
after May 26, 2006, 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.  No transfer agreement shall authorize the transferee or any other party
to confess judgment or consent to entry of judgment against the payee.



(c)  No transfer of structured settlement
payment rights shall extend to any payments that are life-contingent unless,
prior to 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:



(1)  Periodically confirming the payee's survival; and



(2)  Giving the annuity issuer and the structured
settlement obligor prompt written notice in the event of the payee's death.



(d)  No payee who proposes to make a transfer
of structured settlement payment rights shall incur any penalty, forfeit any
application fee or other payment, or otherwise incur any liability to the
proposed transferee or any assignee based on any failure of the transfer to
satisfy the conditions of this chapter.



(e)  Nothing contained in this chapter shall be
construed to authorize any transfer of structured settlement payment rights in
contravention of any law or to imply that any transfer under a transfer
agreement entered into prior to May 26, 2006, is valid or invalid.



(f)  Compliance with the requirements set forth
in section 676‑2 and fulfillment of the conditions set forth in section
676‑3 shall be solely the responsibility of the transferee in any
transfer of structured settlement payment rights, and neither the structured
settlement obligor nor the annuity issuer shall bear any responsibility for, or
any liability arising from, noncompliance with the requirements or failure to
fulfill the conditions. [L 2006, c 146, pt of §1]



 



Revision Note



 



  "May 26, 2006," substituted for "the effective
date of this Act".