Structured Settlement Protection Act; amends Act so obligor and issuer may rely on court order. (HB52)

Introduced By

Del. Terry Kilgore (R-Gate City) with support from co-patron Del. Mark Keam (D-Vienna)

Progress

Introduced
Passed Committee
Passed House
Passed Senate
Signed by Governor
Became Law

Description

Structured settlements. Amends the Structured Settlement Protection Act (the Act) to provide that the structured settlement obligor and the annuity issuer may rely on a court order approving a transfer of structured settlement payment rights in redirecting periodic payments to an assignee or transferee in accordance with the order. The measure provides that upon entry of such an order the structured settlement obligor and the annuity issuer shall be discharged and released from any and all liability for the transferred redirected payments as to all parties except the transferee or an assignee designated by the transferee. The discharge and release of the structured settlement obligor and the annuity issuer shall not be affected by the failure of any party to the transfer to comply with the Act or with the court order approving the transfer. The measure also provides that an application for approval of a structured settlement transfer shall be brought in the circuit court of the county in which the payee is domiciled at the time the transfer agreement was signed or, if the payee is not domiciled in Virginia, then the application may be brought in the court in Virginia that approved the structured settlement agreement. The payee is required to appear in person at the hearing unless the court finds that good cause exists to excuse such an appearance. The measure also provides that a court may hear an application for transfer of payment rights under a structured settlement despite the existence of terms in the underlying structured settlement agreement that purports to restrict or preclude the payee's right or power to sell, assign, or encumber structured settlement payment rights. An application for approval of a transfer is required to include a summary of information regarding prior transfers and notice of the hearing. The period in which responses to the application must be filed with the court is changed from not less than 15 days after service of the notice to five days prior to the hearing. Existing provisions that provide for approval of a transfer of structured settlement payment rights by a responsible administrative authority are deleted from the Act. Read the Bill »

Status

04/20/2016: enacted

History

DateAction
11/30/2015Committee
11/30/2015Prefiled and ordered printed; offered 01/13/16 16100767D
11/30/2015Referred to Committee on Commerce and Labor
01/19/2016Reported from Commerce and Labor with substitute (21-Y 0-N) (see vote tally)
01/19/2016Committee substitute printed 16103459D-H1
01/21/2016Read first time
01/25/2016Passed by for the day
01/26/2016Read second time
01/26/2016Committee substitute agreed to 16103459D-H1
01/26/2016Engrossed by House - committee substitute HB52H1
01/27/2016Read third time and passed House (99-Y 0-N)
01/27/2016VOTE: PASSAGE (99-Y 0-N) (see vote tally)
01/28/2016Constitutional reading dispensed
01/28/2016Referred to Committee on Commerce and Labor
02/22/2016Reported from Commerce and Labor (15-Y 0-N) (see vote tally)
02/24/2016Constitutional reading dispensed (39-Y 0-N) (see vote tally)
02/25/2016Read third time
02/25/2016Passed Senate (40-Y 0-N) (see vote tally)
02/29/2016Enrolled
02/29/2016Bill text as passed House and Senate (HB52ER)
02/29/2016Signed by Speaker
03/03/2016Signed by President
03/04/2016Enrolled Bill communicated to Governor on 3/4/16
03/04/2016G Governor's Action Deadline Midnight, March 11, 2016
03/11/2016Governor's recommendation received by House
04/20/2016Placed on Calendar
04/20/2016House concurred in Governor's recommendation (99-Y 0-N)
04/20/2016VOTE: ADOPTION (99-Y 0-N)
04/20/2016Senate concurred in Governor's recommendation (39-Y 0-N)
04/20/2016G Governor's recommendation adopted
04/20/2016Reenrolled
04/20/2016Reenrolled bill text (HB52ER2)
04/20/2016Signed by Speaker as reenrolled
04/20/2016Signed by President as reenrolled
04/20/2016Enacted, Chapter 739 (effective 7/1/16)
04/20/2016G Acts of Assembly Chapter text (CHAP0739)

Video

This bill was discussed on the floor of the General Assembly. Below is all of the video that we have of that discussion, 2 clips in all, totaling 1 minute.

Transcript

This is a transcript of the video clips in which this bill is discussed.

SHALL THE GOVERNOR'S RECOMMENDATIONS BE AGREED TO. >>

Del. Terry Kilgore (R-Gate City): THE CLERK WILL CLOSE THE ROLL.

[Unknown]: AYES 99, NOS, ZERO. AYES 99, NOS, ZERO, THE RECOMMENDATIONS ARE AGREED TO. TURNING TO PAGE 32 OF THE PRINTED CALENDAR TODAY, GOVERNOR'S RECOMMENDATIONS TO VARIOUS BILLS, HOUSE BILL 90, A BILL TO AMEND AND REENACT A SECTION OF THE CODE OF


Sen. Tommy Norment (R-Williamsburg): EARLY CHILDHOOD FOUNDATION. AND CLARIFIES THE BOARD OF EDUCATION MAY WAVE THE EDUCATIONAL REQUIREMENTS FOR PRE-SCHOOL TEACHERS PETITION TO PARTICIPATE IN THE GRANT. WHAT THAT TRANSLATES TO IS THEY MAY WEIGH THE REQUIREMENT FOR A BACHELOR'S DEGREE ON IT. AND I WOULD ASK THE BODY CONQUER WITH THE GOVERNOR'S AMENDMENT.

[Unknown]: THE QUESTION IS SHOULD THE GOVERNOR'S RECOMMENDATION BE AGREED TO. ARE THE SENATORS READY TO VOTE? HAVE ALL THE SENATORS VOTED? DO ANY SENATORS DESIRE TO CHANGE THE VOTE?

Sen. Tommy Norment (R-Williamsburg): AYES 39. NOs 0.

[Unknown]: THE GOVERNOR'S RECOMMENDATION AGREED TO. THE SENIOR SENATOR FROM VIRGINIA BEACH. SENATOR WAGNER.

Sen. Frank Wagner (R-Virginia Beach): THANK YOU, MR. PRESIDENT. THE STRUCTURE SETTLEMENT

Duplicate Bills

The following bills are identical to this one: SB621.