A. The provisions of this chapter may not be waived by any payee.
B. Any transfer agreement entered into on or after the effective date of theact of the General Assembly enacting this section by a payee who resides inthis Commonwealth shall provide that disputes under such transfer agreement,including any claim that the payee has breached the agreement, shall bedetermined in and under the laws of this Commonwealth. No such transferagreement shall authorize the transferee or any other party to confessjudgment or consent to entry of judgment against the payee.
C. No transfer of structured settlement payment rights shall extend to anypayments that are life-contingent unless, prior to the date on which thepayee signs the transfer agreement, the transferee has established and hasagreed to maintain procedures reasonably satisfactory to the annuity issuerand the structured settlement obligor for periodically confirming the payee'ssurvival, and giving the annuity issuer and the structured settlement obligorprompt written notice in the event of the payee's death.
D. No payee who proposes to make a transfer of structured settlement paymentrights shall incur any penalty, forfeit any application fee or other payment,or otherwise incur any liability to the proposed transferee or any assigneebased on any failure of such transfer to satisfy the conditions of thischapter.
E. Nothing contained in this chapter shall be construed to authorize anytransfer of structured settlement payment rights in contravention of any lawor to imply that any transfer under a transfer agreement entered into priorto July 1, 2001, is valid or invalid. The provisions of this chapter shallnot be applicable to transfers of workers' compensation claims, awards,benefits, settlements or payments made or payable pursuant to Title 65.2.
F. Compliance with the requirements set forth in § 59.1-475.1 and fulfillmentof the conditions set forth in § 59.1-476 shall be solely the responsibilityof the transferee in any transfer of structured settlement payment rights,and neither the structured settlement obligor nor the annuity issuer shallbear any responsibility for, or any other liability arising from,non-compliance with such requirements or failure to fulfill such conditions.
A. The provisions of this chapter may not be waived by any payee.
B. Any transfer agreement entered into on or after the effective date of theact of the General Assembly enacting this section by a payee who resides inthis Commonwealth shall provide that disputes under such transfer agreement,including any claim that the payee has breached the agreement, shall bedetermined in and under the laws of this Commonwealth. No such transferagreement shall authorize the transferee or any other party to confessjudgment or consent to entry of judgment against the payee.
C. No transfer of structured settlement payment rights shall extend to anypayments that are life-contingent unless, prior to the date on which thepayee signs the transfer agreement, the transferee has established and hasagreed to maintain procedures reasonably satisfactory to the annuity issuerand the structured settlement obligor for periodically confirming the payee'ssurvival, and giving the annuity issuer and the structured settlement obligorprompt written notice in the event of the payee's death.
D. No payee who proposes to make a transfer of structured settlement paymentrights shall incur any penalty, forfeit any application fee or other payment,or otherwise incur any liability to the proposed transferee or any assigneebased on any failure of such transfer to satisfy the conditions of thischapter.
E. Nothing contained in this chapter shall be construed to authorize anytransfer of structured settlement payment rights in contravention of any lawor to imply that any transfer under a transfer agreement entered into priorto July 1, 2001, is valid or invalid. The provisions of this chapter shallnot be applicable to transfers of workers' compensation claims, awards,benefits, settlements or payments made or payable pursuant to Title 65.2.
F. Compliance with the requirements set forth in § 59.1-475.1 and fulfillmentof the conditions set forth in § 59.1-476 shall be solely the responsibilityof the transferee in any transfer of structured settlement payment rights,and neither the structured settlement obligor nor the annuity issuer shallbear any responsibility for, or any other liability arising from,non-compliance with such requirements or failure to fulfill such conditions.
A. The provisions of this chapter may not be waived by any payee.
B. Any transfer agreement entered into on or after the effective date of theact of the General Assembly enacting this section by a payee who resides inthis Commonwealth shall provide that disputes under such transfer agreement,including any claim that the payee has breached the agreement, shall bedetermined in and under the laws of this Commonwealth. No such transferagreement shall authorize the transferee or any other party to confessjudgment or consent to entry of judgment against the payee.
C. No transfer of structured settlement payment rights shall extend to anypayments that are life-contingent unless, prior to the date on which thepayee signs the transfer agreement, the transferee has established and hasagreed to maintain procedures reasonably satisfactory to the annuity issuerand the structured settlement obligor for periodically confirming the payee'ssurvival, and giving the annuity issuer and the structured settlement obligorprompt written notice in the event of the payee's death.
D. No payee who proposes to make a transfer of structured settlement paymentrights shall incur any penalty, forfeit any application fee or other payment,or otherwise incur any liability to the proposed transferee or any assigneebased on any failure of such transfer to satisfy the conditions of thischapter.
E. Nothing contained in this chapter shall be construed to authorize anytransfer of structured settlement payment rights in contravention of any lawor to imply that any transfer under a transfer agreement entered into priorto July 1, 2001, is valid or invalid. The provisions of this chapter shallnot be applicable to transfers of workers' compensation claims, awards,benefits, settlements or payments made or payable pursuant to Title 65.2.
F. Compliance with the requirements set forth in § 59.1-475.1 and fulfillmentof the conditions set forth in § 59.1-476 shall be solely the responsibilityof the transferee in any transfer of structured settlement payment rights,and neither the structured settlement obligor nor the annuity issuer shallbear any responsibility for, or any other liability arising from,non-compliance with such requirements or failure to fulfill such conditions.
