Structured Settlement Protection Act; amends Act so obligor and issuer may rely on court order. (SB621)

Introduced By

Sen. Bill Stanley (R-Moneta) with support from co-patrons Sen. Louise Lucas (D-Portsmouth), and Sen. Jeremy McPike (D-Dale City)

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 »

Outcome

Bill Has Passed

History

DateAction
01/15/2016Presented and ordered printed 16103484D
01/15/2016Referred to Committee on Commerce and Labor
01/25/2016Reported from Commerce and Labor with substitute (13-Y 0-N) (see vote tally)
01/25/2016Committee substitute printed 16104682D-S1
01/25/2016Incorporates SB633
01/25/2016Incorporates SB638
01/26/2016Incorporates SB633
01/26/2016Incorporates SB638
01/27/2016Constitutional reading dispensed (40-Y 0-N) (see vote tally)
01/28/2016Read second time
01/28/2016Reading of substitute waived
01/28/2016Committee substitute agreed to 16104682D-S1
01/28/2016Passed by for the day
01/29/2016Passed by for the day
02/01/2016Passed by for the day
02/02/2016Read second time
02/02/2016Engrossed by Senate - committee substitute SB621S1
02/03/2016Read third time and passed Senate (40-Y 0-N) (see vote tally)
02/05/2016Placed on Calendar
02/05/2016Read first time
02/05/2016Referred to Committee on Commerce and Labor
02/18/2016Reported from Commerce and Labor with amendments (21-Y 0-N) (see vote tally)
02/19/2016Read second time
02/22/2016Read third time
02/22/2016Committee amendments agreed to
02/22/2016Engrossed by House as amended
02/22/2016Passed House with amendments BLOCK VOTE (100-Y 0-N)
02/22/2016VOTE: BLOCK VOTE PASSAGE (100-Y 0-N) (see vote tally)
02/24/2016House amendments agreed to by Senate (40-Y 0-N) (see vote tally)
02/25/2016Enrolled
02/25/2016Bill text as passed Senate and House (SB621ER)
02/26/2016Bill text as passed Senate and House reprinted (SB621ER)
02/26/2016Signed by Speaker
02/29/2016Signed by President
03/01/2016Enrolled Bill Communicated to Governor on 3/1/16
03/01/2016G Governor's Action Deadline Midnight, March 8, 2016
03/07/2016G Approved by Governor-Chapter 273 (effective 7/1/16)

Video

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

Transcript

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

PURCHASE PROCEDURES ON HIGHWAY CONSTRUCTION MATTERS MAY ONLY BE USED WHERE THE AGGREGATE SPENDING IS EXPECTED TO NOT EXCEED $25,000.

Del. Bill Howell (R-Fredericksburg): THANK YOU, SENATOR. THE QUESTION IS SHALL THE SENATE CONCUR WITH THE HOUSE SUBSTITUTE. ALL IN FAVOR OF THE MOTION WILL. ARE THE SENATORS READY TO VOTE? HAVE ALL THE SENATORS VOTED? DO ANY SENATORS DESIRE TO CH THEIR VOTE? THE CLERK WILL CLOSE THE ROLL. ANGE

[Unknown]: AYES 39, NOS 0. AYES 39, NOS 0. THE SENATE CONCURS WITH THE HOUSE SUBSTITUTE. SENATE BILL 621 PASSED THE HOUSE WITH AMENDMENTS. THE SENATOR FROM FRANKLIN COUNTY, SENATOR STANLEY.

Sen. Bill Stanley (R-Moneta): THANK YOU, MR. PRESIDENT. I MOVE THAT WE CONCUR WITH THE HOUSE AMENDMENTS AND SPEAKING TO THAT MOTION, SIR.

[Unknown]: THE SENATOR HAS THE FLOOR.

Sen. Bill Stanley (R-Moneta): WHAT THEY DID, THIS IS A STRUCTURED SETTLEMENT BILL WHICH CREATES PROTECTION FOR THOSE PERSONS THAT ENTER INTO STRUCTURED SETTLEMENT WHERE THEY CAN MARKET AND SELL PORTIONS FOR LESS THAN THE VALUE OF THE STRUCTURED SETTLEMENT. THE TWO AMENDMENTS WERE MINOR AND AS YOU CAN SEE ON PAGE 5 ONE WAS DOING THE INCREDIBLE CHANGE OF INSERTING A COMMA. THE SECOND WAS ELIMINATING A REDUNDANCY WHERE WE STATED THE WORD THE CIRCUIT COURT IN THE AIM AREA MORE THAN ONCE. WHAT WE HAVE IS JUST GRAMMATICAL

Duplicate Bills

The following bills are identical to this one: HB52.