As Introduced 1
123rd General Assembly 4
Regular Session S. B. No. 260 5
1999-2000 6
SENATORS NEIN-PRENTISS-BLESSING-HOTTINGER-CUPP-BRADY-DiDONATO- 8
HERINGTON-WHITE-FINGERHUT 9
_________________________________________________________________ 11
A B I L L
To enact sections 2323.58, 2323.581, 2323.582, 13
2323.583, 2323.584, 2323.585, and 2323.586 of the 14
Revised Code to require approval by a court of 16
the transfer of payment rights of a payee under a 18
structured settlement for periodic payments of 19
damages in tort actions upon injury to person and 21
to establish procedures for application for such 22
approval by a transferee of those payment rights. 23
BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF OHIO: 25
Section 1. That sections 2323.58, 2323.581, 2323.582, 28
2323.583, 2323.584, 2323.585, and 2323.586 of the Revised Code be 29
enacted to read as follows: 30
Sec. 2323.58. AS USED IN THIS SECTION AND SECTIONS 32
2323.581 TO 2323.586 OF THE REVISED CODE: 33
(A) "ANNUITY ISSUER" MEANS AN INSURER THAT HAS ISSUED AN 36
INSURANCE CONTRACT THAT IS USED TO FUND PERIODIC PAYMENTS UNDER A 37
STRUCTURED SETTLEMENT.
(B) "APPLICABLE LAW" MEANS ANY OF THE FOLLOWING: 40
(1) THE LAWS OF THE UNITED STATES; 43
(2) THE LAWS OF THIS STATE, INCLUDING PRINCIPLES OF EQUITY 46
THAT ARE APPLIED IN THE COURTS OF THIS STATE;
(3) THE LAWS OF ANY OTHER JURISDICTION IN WHICH THE PAYEE 48
OR ANY OTHER INTERESTED PARTY WITH RESPECT TO A STRUCTURED 49
SETTLEMENT RESIDES OR THE LAWS OF ANY OTHER JURISDICTION UNDER 51
WHICH A COURT OR A RESPONSIBLE ADMINISTRATIVE AUTHORITY APPROVED 52
2
A STRUCTURED SETTLEMENT.
(C) "DEPENDENT" MEANS A SPOUSE OF A PAYEE, A MINOR CHILD 55
OF A PAYEE, OR ANY OTHER MEMBER OF THE FAMILY OF A PAYEE OR OTHER 56
PERSON WHOM, BY LAW OR BY COURT ORDER OR DECREE, THE PAYEE IS 57
LEGALLY OBLIGATED TO SUPPORT.
(D) "DISCOUNTED PRESENT VALUE" MEANS THE FAIR PRESENT 60
VALUE OF THE FUTURE PAYMENTS UNDER A STRUCTURED SETTLEMENT THAT 61
IS DETERMINED BY DISCOUNTING THOSE PAYMENTS TO THE PRESENT, USING 62
THE MOST RECENTLY PUBLISHED APPLICABLE FEDERAL RATE FOR 63
DETERMINING THE PRESENT VALUE OF AN ANNUITY AS ISSUED BY THE 65
UNITED STATES INTERNAL REVENUE SERVICE. 66
(E) "INDEPENDENT PROFESSIONAL ADVICE" MEANS THE ADVICE OF 69
AN ATTORNEY, A CERTIFIED PUBLIC ACCOUNTANT, AN ACTUARY, OR ANY 70
OTHER LICENSED PROFESSIONAL ADVISER IF ALL OF THE FOLLOWING 71
APPLY:
(1) THE PAYEE HAS ENGAGED THE SERVICES OF THE LICENSED 73
PROFESSIONAL ADVISER TO RENDER ADVICE CONCERNING THE LEGAL, TAX, 74
AND OTHER FINANCIAL IMPLICATIONS OF A TRANSFER OF STRUCTURED 75
SETTLEMENT PAYMENT RIGHTS. 76
(2) THE LICENSED PROFESSIONAL ADVISER HAS SIGNED A 78
STATEMENT TO THE EFFECT THAT THE LICENSED PROFESSIONAL ADVISER 79
RENDERED ADVICE TO THE PAYEE CONCERNING THE LEGAL, TAX, OR OTHER 80
FINANCIAL IMPLICATIONS OF A TRANSFER OF STRUCTURED SETTLEMENT 81
PAYMENT RIGHTS.
(3) THE LICENSED PROFESSIONAL ADVISER IS NOT AFFILIATED IN 84
ANY MANNER WITH, OR COMPENSATED IN ANY MANNER BY, THE TRANSFEREE
OF THE STRUCTURED SETTLEMENT PAYMENT RIGHTS. 86
(4) THE COMPENSATION OF THE LICENSED PROFESSIONAL ADVISER 88
IS NOT AFFECTED BY WHETHER OR NOT A TRANSFER OF STRUCTURED 90
SETTLEMENT PAYMENT RIGHTS OCCURS.
(F) "INTERESTED PARTY" INCLUDES THE PAYEE WITH RESPECT TO 93
A STRUCTURED SETTLEMENT, ANY BENEFICIARY WHO IS DESIGNATED IN THE 94
INSURANCE CONTRACT TO RECEIVE PAYMENTS UNDER THAT CONTRACT 95
FOLLOWING THE DEATH OF THE PAYEE, THE ANNUITY ISSUER, THE 96
3
STRUCTURED SETTLEMENT AGREEMENT OBLIGOR, AND ANY OTHER PARTY THAT 97
HAS CONTINUING RIGHTS OR OBLIGATIONS UNDER THE STRUCTURED 98
SETTLEMENT AGREEMENT.
(G) "PAYEE" MEANS AN INDIVIDUAL WHO IS RECEIVING PERIODIC 101
PAYMENTS UNDER A STRUCTURED SETTLEMENT AGREEMENT THAT ARE 102
EXCLUDABLE FROM THE INDIVIDUAL'S GROSS INCOME UNDER FEDERAL
INCOME TAXATION LAWS APPLICABLE TO THAT INDIVIDUAL AND WHO 104
PROPOSES TO MAKE A TRANSFER OF THE RIGHTS TO RECEIVE THOSE 105
PERIODIC PAYMENTS.
(H) "PERIODIC PAYMENTS" INCLUDES BOTH CONTINUING MONTHLY 108
OR OTHER PERIODIC PAYMENTS AND SCHEDULED FUTURE LUMP SUM PAYMENTS 109
UNDER A STRUCTURED SETTLEMENT. 110
(I) "QUALIFIED ASSIGNMENT AGREEMENT" MEANS AN AGREEMENT 113
THAT PROVIDES FOR A QUALIFIED ASSIGNMENT, AS DEFINED IN SECTION 114
130 OF THE "INTERNAL REVENUE CODE OF 1986," 100 STAT. 2085, 26 118
U.S.C.A. 130(c), AS AMENDED, THROUGH AN ASSIGNMENT OF THE 120
LIABILITY UNDER A STRUCTURED SETTLEMENT AGREEMENT TO MAKE 121
PERIODIC PAYMENTS AS DAMAGES, ON ACCOUNT OF PERSONAL INJURY OR 123
SICKNESS.
(J) "RESPONSIBLE ADMINISTRATIVE AUTHORITY" MEANS ANY 125
GOVERNMENT AUTHORITY OF ANOTHER STATE VESTED BY THE LAW OF THAT 127
STATE WITH THE ORIGINAL EXCLUSIVE JURISDICTION OVER THE SETTLED 128
CLAIM RESOLVED BY A STRUCTURED SETTLEMENT. 129
(K) "SETTLED CLAIM" MEANS THE ORIGINAL TORT CLAIM RESOLVED 132
BY A STRUCTURED SETTLEMENT.
(L) "STRUCTURED SETTLEMENT" MEANS AN ARRANGEMENT FOR 135
PERIODIC PAYMENTS OF DAMAGES FOR INJURY TO A PERSON THAT IS 136
ESTABLISHED BY A SETTLEMENT OR A COURT JUDGMENT IN RESOLUTION OF 137
A TORT CLAIM.
(M) "STRUCTURED SETTLEMENT AGREEMENT" MEANS AN AGREEMENT, 140
JUDGMENT, STIPULATION, OR RELEASE THAT EMBODIES THE TERMS OF A 141
STRUCTURED SETTLEMENT, INCLUDING THE RIGHTS OF A PAYEE TO RECEIVE 142
PERIODIC PAYMENTS.
(N) "STRUCTURED SETTLEMENT OBLIGOR" MEANS THE PARTY THAT 145
4
HAS THE OBLIGATION TO MAKE CONTINUING PERIODIC PAYMENTS TO THE
PAYEE UNDER A STRUCTURED SETTLEMENT AGREEMENT OR A QUALIFIED 146
ASSIGNMENT AGREEMENT. 147
(O) "STRUCTURED SETTLEMENT PAYMENT RIGHTS" MEANS THE 150
RIGHTS UNDER A STRUCTURED SETTLEMENT AGREEMENT TO RECEIVE 151
PERIODIC PAYMENTS FROM A STRUCTURED SETTLEMENT OBLIGOR OR AN 152
ANNUITY ISSUER IF EITHER OF THE FOLLOWING APPLIES: 153
(1) THE PAYEE, THE STRUCTURED SETTLEMENT OBLIGOR, OR THE 156
ANNUITY ISSUER WITH RESPECT TO THE STRUCTURED SETTLEMENT 157
AGREEMENT IS A RESIDENT OF THIS STATE. 158
(2) THE STRUCTURED SETTLEMENT AGREEMENT WAS APPROVED BY A 160
COURT IN THIS STATE. 161
(P) "TERMS OF A STRUCTURED SETTLEMENT" INCLUDES THE TERMS 164
OF A STRUCTURED SETTLEMENT AGREEMENT, AN INSURANCE CONTRACT, A 165
QUALIFIED ASSIGNMENT AGREEMENT, AND ANY ORDER OR APPROVAL BY A 166
COURT, A RESPONSIBLE ADMINISTRATIVE AUTHORITY, OR OTHER 167
GOVERNMENT AUTHORITY AUTHORIZING OR APPROVING THE STRUCTURED 168
SETTLEMENT.
(Q) "TRANSFER" MEANS A SALE, ASSIGNMENT, PLEDGE, 170
HYPOTHECATION, OR ANY OTHER FORM OF ALIENATION OR ENCUMBRANCE OF 171
STRUCTURED SETTLEMENT PAYMENT RIGHTS MADE BY A PAYEE FOR 172
CONSIDERATION. 173
(R) "TRANSFER AGREEMENT" MEANS AN AGREEMENT THAT PROVIDES 176
FOR THE TRANSFER OF STRUCTURED SETTLEMENT PAYMENT RIGHTS FROM A 177
PAYEE TO A TRANSFEREE.
(S) "TRANSFEREE" MEANS A PARTY ACQUIRING OR PROPOSING TO 179
ACQUIRE STRUCTURED SETTLEMENT PAYMENT RIGHTS THROUGH A TRANSFER 180
OF THOSE RIGHTS.
(T) "EXTRAORDINARY AND UNANTICIPATED NEED" MEANS A 182
FINANCIAL NEED THAT IF UNSATISFIED WOULD HAVE A SIGNIFICANT 183
ADVERSE IMPACT ON THE HEALTH AND WELFARE OF THE PAYEE OR THE 184
PAYEE'S DEPENDENTS.
Sec. 2323.581. NO DIRECT OR INDIRECT TRANSFER OF 186
STRUCTURED SETTLEMENT PAYMENT RIGHTS SHALL BE EFFECTIVE, AND NO 187
5
STRUCTURED SETTLEMENT OBLIGOR OR ANNUITY ISSUER SHALL BE REQUIRED 189
TO MAKE ANY PAYMENT DIRECTLY OR INDIRECTLY TO A TRANSFEREE OF 190
STRUCTURED SETTLEMENT PAYMENT RIGHTS, UNLESS THE TRANSFEREE HAS 192
PROVIDED THE PAYEE AND OTHER INTERESTED PARTIES WITH THE 193
DISCLOSURES REQUIRED BY SECTION 2323.582 OF THE REVISED CODE AND 194
THE TRANSFER HAS BEEN APPROVED IN ADVANCE IN A FINAL ORDER OF A 195
COURT OF COMPETENT JURISDICTION IN ACCORDANCE WITH SECTIONS 196
2323.583 AND 2323.584 OF THE REVISED CODE. 197
Sec. 2323.582. NOT LESS THAN TEN DAYS PRIOR TO THE DATE ON 200
WHICH A PAYEE BECOMES OBLIGATED UNDER A TRANSFER AGREEMENT, THE 201
TRANSFEREE SHALL PROVIDE TO THE PAYEE A DISCLOSURE STATEMENT, IN 202
BOLDFACE TYPE OF THE MINIMUM SIZE OF FOURTEEN POINTS, SETTING 203
FORTH ALL OF THE FOLLOWING: 204
(A) THE AMOUNTS AND DUE DATES OF THE STRUCTURED SETTLEMENT 207
PAYMENTS THAT WOULD BE TRANSFERRED UNDER THE TRANSFER AGREEMENT; 208
(B) THE AGGREGATE AMOUNT OF THE PAYMENTS DESCRIBED IN 211
DIVISION (A) OF THIS SECTION; 212
(C) THE DISCOUNTED PRESENT VALUE OF THE PAYMENTS DESCRIBED 215
IN DIVISION (A) OF THIS SECTION AND THE AMOUNT OF THE APPLICABLE 216
FEDERAL RATE USED IN DETERMINING THE DISCOUNTED PRESENT VALUE; 218
(D) THE GROSS AMOUNT PAYABLE TO THE PAYEE IN EXCHANGE FOR 221
OR AS CONSIDERATION FOR THE TRANSFER OF THE STRUCTURED SETTLEMENT
PAYMENTS DESCRIBED IN DIVISION (A) OF THIS SECTION; 222
(E) AN ITEMIZED LISTING OF ALL BROKERS' COMMISSIONS, 225
SERVICE CHARGES, APPLICATION FEES, PROCESSING FEES, CLOSING 226
COSTS, FILING FEES, ADMINISTRATIVE FEES, LEGAL FEES, NOTARY FEES, 227
AND OTHER COMMISSIONS, FEES, COSTS, EXPENSES, AND CHARGES PAYABLE 228
BY THE PAYEE OR DEDUCTIBLE FROM THE GROSS AMOUNT OTHERWISE 229
PAYABLE TO THE PAYEE AS DESCRIBED IN DIVISION (D) OF THIS 231
SECTION;
(F) THE NET AMOUNT PAYABLE TO THE PAYEE AFTER DEDUCTION 234
FROM THE GROSS AMOUNT PAYABLE TO THE PAYEE AS DESCRIBED IN
DIVISION (D) OF THIS SECTION OF ALL COMMISSIONS, FEES, COSTS, 235
EXPENSES, AND CHARGES DESCRIBED IN DIVISION (E) OF THIS SECTION; 237
6
(G) THE QUOTIENT, EXPRESSED AS A PERCENTAGE, OBTAINED BY 240
DIVIDING THE NET AMOUNT PAYABLE TO THE PAYEE AS DESCRIBED IN 241
DIVISION (F) OF THIS SECTION BY THE DISCOUNTED PRESENT VALUE OF 242
THE PAYMENTS DESCRIBED IN DIVISION (C) OF THIS SECTION; 244
(H) THE AMOUNT OF ANY PENALTY AND THE AGGREGATE AMOUNT OF 247
ANY LIQUIDATED DAMAGES, INCLUDING PENALTIES, PAYABLE BY THE PAYEE 248
IN THE EVENT OF ANY BREACH OF THE TRANSFER AGREEMENT BY THE 249
PAYEE.
Sec. 2323.583. A COURT OF COMPETENT JURISDICTION MAY 252
APPROVE A TRANSFER OF STRUCTURED SETTLEMENT PAYMENT RIGHTS ONLY 255
IN A FINAL ORDER THAT IS BASED ON THE EXPRESS FINDINGS OF THE 256
COURT, AND THE EXPRESS FINDINGS SHALL INCLUDE ALL OF THE 258
FOLLOWING:
(A) THE TRANSFEREE HAS PROVIDED TO THE PAYEE A DISCLOSURE 260
STATEMENT THAT COMPLIES WITH SECTION 2323.582 OF THE REVISED 262
CODE, AND THE PAYEE HAS CONFIRMED THE PAYEE'S RECEIPT OF THE
DISCLOSURE STATEMENT, AS EVIDENCED BY THE PAYEE'S NOTARIZED 263
SIGNATURE ON A COPY OF THE DISCLOSURE STATEMENT. 264
(B) THE EXTRAORDINARY AND UNANTICIPATED NEEDS OF THE PAYEE 268
OR THE PAYEE'S DEPENDENTS RENDER THE TRANSFER APPROPRIATE.
(C) THE PAYEE HAS RECEIVED INDEPENDENT PROFESSIONAL ADVICE 270
REGARDING THE LEGAL, TAX, AND FINANCIAL IMPLICATIONS OF THE 271
TRANSFER. 272
(D) IF THE TRANSFER CONTRAVENES THE TERMS OF THE 274
STRUCTURED SETTLEMENT INVOLVED, ALL OF THE FOLLOWING HAVE BEEN 275
COMPLIED WITH:
(1) EACH DEPENDENT AND EACH BENEFICIARY, IN A WRITTEN 277
APPROVAL AND WAIVER, APPROVES THE TRANSFER AND WAIVES THE RIGHT 279
TO REQUIRE THAT THE STRUCTURED SETTLEMENT PAYMENTS BE MADE TO THE 280
PAYEE IN ACCORDANCE WITH THE TERMS OF THE STRUCTURED SETTLEMENT. 281
(2) ANY COURT OR GOVERNMENT AUTHORITY THAT PREVIOUSLY 283
APPROVED THE STRUCTURED SETTLEMENT, OTHER THAN THE COURT FROM 285
WHICH THE APPROVAL OF THE TRANSFER IS SOUGHT UNDER SECTIONS 286
2323.58 TO 2323.585 OF THE REVISED CODE, HAS EXPRESSLY APPROVED 287
7
THE TRANSFER IN WRITING. 288
(3) THE TRANSFEREE HAS PROVIDED TO THE COURT IN WHICH THE 291
APPLICATION FOR APPROVAL OF THE TRANSFER WAS FILED ALL OF THE 292
SIGNED ORIGINAL COPIES OF THE APPROVALS REQUIRED UNDER DIVISIONS 293
(D)(1) AND (2) OF THIS SECTION.
(4) THE TRANSFEREE HAS FURNISHED EACH INTERESTED PARTY 295
COPIES OF THE APPROVALS REQUIRED UNDER DIVISIONS (D)(1) AND (2) 296
OF THIS SECTION. 297
(E) THE TRANSFEREE HAS GIVEN WRITTEN NOTICE OF THE 299
TRANSFEREE'S NAME, ADDRESS, AND TAXPAYER IDENTIFICATION NUMBER TO 301
THE ANNUITY ISSUER AND THE STRUCTURED SETTLEMENT OBLIGOR AND HAS 302
FILED A COPY OF THAT NOTICE WITH THE COURT IN WHICH THE 304
APPLICATION FOR APPROVAL OF THE TRANSFER WAS FILED.
(F) THE TRANSFER COMPLIES WITH ALL OF THE REQUIREMENTS OF 306
SECTIONS 2323.58 TO 2323.585 OF THE REVISED CODE AND DOES NOT 308
CONTRAVENE ANY APPLICABLE LAW. 309
Sec. 2323.584. (A) A PERSON SHALL FILE AN APPLICATION 311
UNDER SECTIONS 2323.58 TO 2323.585 OF THE REVISED CODE FOR THE 312
APPROVAL IN ADVANCE OF A TRANSFER OF STRUCTURED SETTLEMENT 313
PAYMENT RIGHTS IN EITHER OF THE FOLLOWING: 314
(1) IN THE COURT OF COMMON PLEAS OF THE COUNTY IN WHICH 316
THE PAYEE, THE STRUCTURED SETTLEMENT OBLIGOR, OR THE ANNUITY 317
ISSUER RESIDES; 318
(2) IN THE OHIO COURT THAT APPROVED THE STRUCTURED 320
SETTLEMENT AGREEMENT. 321
(B) THE FOLLOWING PROCEDURES SHALL APPLY TO AN APPLICATION 323
FOR THE APPROVAL IN ADVANCE BY A COURT OF A TRANSFER OF 325
STRUCTURED SETTLEMENT PAYMENT RIGHTS UNDER DIVISION (A) OF THIS 326
SECTION:
(1) UPON THE FILING OF THE APPLICATION, THE COURT SHALL 329
SET A DATE AND TIME FOR A HEARING ON THE APPLICATION AND SHALL 330
NOTIFY THE TRANSFEREE OF THE DATE, TIME, AND PLACE OF THE 331
HEARING.
(2) NOT LESS THAN TWENTY DAYS PRIOR TO THE DATE SET BY THE 333
8
COURT FOR THE HEARING ON AN APPLICATION FILED PURSUANT TO THIS 334
SECTION, THE TRANSFEREE SHALL FILE WITH THE COURT AND SHALL SERVE 336
ON THE COURT OR ANY RESPONSIBLE ADMINISTRATIVE AUTHORITY THAT 337
PREVIOUSLY APPROVED THE STRUCTURED SETTLEMENT, ON ALL INTERESTED 338
PARTIES, AND ON THE ANNUITY ISSUER AND THE STRUCTURED SETTLEMENT 339
OBLIGOR, IN THE MANNER PRESCRIBED IN THE RULES OF CIVIL PROCEDURE 340
FOR THE SERVICE OF PROCESS, A NOTICE OF THE PROPOSED TRANSFER AND 341
THE APPLICATION FOR ITS APPROVAL IN ADVANCE. THE NOTICE SHALL 342
INCLUDE ALL OF THE FOLLOWING: 343
(a) A COPY OF THE APPLICATION; 345
(b) A COPY OF THE TRANSFER AGREEMENT; 347
(c) A COPY OF THE DISCLOSURE STATEMENT PROVIDED BY THE 349
TRANSFEREE PURSUANT TO SECTION 2323.582 OF THE REVISED CODE AND 350
SIGNED BY THE PAYEE PURSUANT TO DIVISION (A) OF SECTION 2323.583 351
OF THE REVISED CODE;
(d) NOTIFICATION OF THE DATE, TIME, AND PLACE OF THE 353
HEARING ON THE APPLICATION; 354
(e) NOTIFICATION THAT ANY INTERESTED PARTY MAY SUPPORT, 356
OPPOSE, OR OTHERWISE RESPOND TO THE APPLICATION, EITHER IN PERSON 358
OR BY COUNSEL, BY SUBMITTING TO THE COURT A WRITTEN RESPONSE 359
CONTAINING THE INTERESTED PARTY'S SUPPORT OF, OPPOSITION TO, OR 361
COMMENTS ON THE APPLICATION OR BY PARTICIPATING IN THE HEARING; 362
(f) NOTIFICATION OF THE MANNER OF FILING A WRITTEN 364
RESPONSE TO THE APPLICATION AND THE TIME WITHIN WHICH THE 365
RESPONSE IS REQUIRED TO BE FILED IN ORDER FOR THE COURT TO 367
CONSIDER IT.
(3) WITHIN FIFTEEN DAYS AFTER RECEIPT OF THE NOTICE 369
DESCRIBED IN DIVISION (B)(2) OF THIS SECTION, ANY INTERESTED 370
PARTY WHO WISHES TO RESPOND TO THE APPLICATION SHALL FILE A 371
WRITTEN RESPONSE WITH THE COURT PERSONALLY OR BY CERTIFIED MAIL, 373
RETURN RECEIPT REQUESTED.
(4) AT THE CONCLUSION OF THE HEARING ON AN APPLICATION 375
UNDER THIS SECTION, THE COURT MAY GRANT OR DENY THE APPROVAL OF 377
THE TRANSFER. THE COURT SHALL ENTER ITS ORDER ACCORDINGLY. IF 378
9
THE COURT GRANTS THE APPROVAL OF THE TRANSFER, IT SHALL INCLUDE 379
IN ITS ORDER ALL OF THE EXPRESS FINDINGS SPECIFIED IN SECTION 380
2323.583 OF THE REVISED CODE. IF THE COURT DENIES THE APPROVAL 383
OF THE TRANSFER, IT SHALL INCLUDE IN ITS ORDER THE REASONS FOR 384
THE DENIAL.
(5) AN ORDER OF THE COURT MADE UNDER DIVISION (B)(4) OF 388
THIS SECTION IS A FINAL AND APPEALABLE ORDER. 389
Sec. 2323.585. (A) NO PAYEE WHO PROPOSES TO MAKE A 391
TRANSFER OF STRUCTURED SETTLEMENT PAYMENT RIGHTS SHALL INCUR ANY 392
PENALTY, FORFEIT ANY APPLICATION FEE OR OTHER PAYMENT, OR 393
OTHERWISE INCUR ANY LIABILITY TO THE PROPOSED TRANSFEREE BASED ON 395
A FAILURE OF THE TRANSFER TO COMPLY WITH ANY OF THE REQUIREMENTS
OF SECTIONS 2323.581 TO 2323.584 OF THE REVISED CODE. 397
(B) NO PROVISION OF THIS SECTION OR SECTION 2323.581, 400
2323.582, 2323.583, OR 2323.584 OF THE REVISED CODE MAY BE 401
WAIVED.
(C) NO PROVISION OF THIS SECTION OR SECTION 2323.581, 404
2323.582, 2323.583, OR 2323.584 OF THE REVISED CODE AUTHORIZES 405
ANY TRANSFER OF STRUCTURED SETTLEMENT PAYMENT RIGHTS IN 407
CONTRAVENTION OF APPLICABLE LAW OR GIVES EFFECT TO ANY TRANSFER 408
OF STRUCTURED SETTLEMENT PAYMENT RIGHTS THAT IS VOID UNDER ANY 409
APPLICABLE LAW.
Sec. 2323.586. A VIOLATION OF SECTION 2323.581, 2323.582, 411
2323.583, 2323.584, OR 2323.585 OF THE REVISED CODE IS AN UNFAIR 412
OR DECEPTIVE ACT OR PRACTICE IN VIOLATION OF SECTION 1345.02 OF 413
THE REVISED CODE.
Section 2. Sections 2323.58, 2323.581, 2323.582, 2323.583, 415
2323.584, 2323.585, and 2323.586 of the Revised Code, as enacted 416
by this act, shall apply to a transfer of structured settlement 418
payment rights under a transfer agreement entered into on or 419
after the effective date of this act. As used in this section, 420
"structured settlement payment rights," "transfer," and "transfer 422
agreement" have the same meanings as in section 2323.58 of the 423
Revised Code, as enacted by this act.