Senate Bill 2399

AN ACT TO AMEND SECTION 11-57-7, MISSISSIPPI CODE OF 1972, TO REQUIRE STRUCTURED SETTLEMENT PURCHASES TO BE APPROVED BY THE JUDGE THAT APPROVED THE STRUCTURED SETTLEMENT; TO AMEND SECTION 11-57-11, MISSISSIPPI CODE OF 1972, TO REQUIRE STRUCTURED SETTLEMENT PAYMENT RIGHTS TO BE FILED WITH THE COURT THAT APPROVED THE STRUCTURED SETTLEMENT TO REQUIRE AN APPLICATION FOR APPROVAL OF A TRANSFER OF STRUCTURED SETTLEMENT PAYMENT RIGHTS TO DISCLOSE ANY REJECTIONS OF APPLICATION BY ANOTHER JUDGE; AND FOR RELATED PURPOSES.

BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MISSISSIPPI:

SECTION 1. Section 11-57-7, Mississippi Code of 1972, is amended as follows:

11-57-7. No direct or indirect transfer of structured settlement payment rights shall be effective and no structured settlement obligor or annuity issuer shall be required to make any payment directly or indirectly to any transferee of structured settlement payment rights unless the transfer has been approved in advance in a final court order from the judge that approved the structured settlement, or an order of a responsible administrative authority. If the judge that approved the structured settlement is unavailable, the chief judge of the district shall assign the application to be heard by a judge in the district. The approval order shall be based on express findings by such court or responsible administrative authority that:

(a) The transfer is in the best interest of the payee, taking into account the welfare and support of the payee's dependents;

(b) The payee has been advised in writing by the transferee to seek independent professional advice regarding the transfer and has either received such advice or knowingly waived such advice in writing; and

(c) The transfer does not contravene any applicable statute or the order of any court or other government authority. SECTION 2. Section 11-57-11, Mississippi Code of 1972, is amended as follows:

11-57-11. (1) An application under this chapter for approval of a transfer of structured settlement payment rights shall be made by the transferee * * * in any court or before any responsible administrative authority which approved the structured settlement agreement.

(2) Not less than twenty (20) days prior to the scheduled hearing on any application for approval of a transfer of structured settlement payment rights under Section 11-57-7, the transferee shall file with the court or responsible administrative authority and serve on all interested parties a notice of the proposed transfer and the application for its authorization, including with such notice:

(a) A copy of the transferee's application;

(b) A copy of the transfer agreement;

(d) A listing of each of the payee's dependents, together with each dependent's age;

(e) Notification that any interested party is entitled to support, oppose or otherwise respond to the transferee's application, either in person or by counsel, by submitting written comments to the court or responsible administrative authority or by participating in the hearing; * * * ~~and~~

(f) Notification of the time and place of the hearing and notification of the manner in which and the time by which written responses to the application must be filed which shall be not less than fifteen (15) days after service of the transferee's notice in order to be considered by the court or responsible administrative authority * * *.; and

(g) Disclosure of any rejections of application by other judges.

SECTION 3. This act shall take effect and be in force from and after June 30, 2023.