As Reported by the Senate Insurance, Commerce 2
and Labor Committee 2
123rd General Assembly 5
Regular Session Sub. S. B. No. 260 6
1999-2000 7
SENATORS NEIN-PRENTISS-BLESSING-HOTTINGER-CUPP-BRADY-DiDONATO- 9
HERINGTON-WHITE-FINGERHUT 10
_________________________________________________________________ 12
A B I L L
To enact sections 2323.58, 2323.581, 2323.582, 14
2323.583, 2323.584, 2323.585, and 2323.586 of the 15
Revised Code to require approval by a court of 17
the transfer of payment rights of a payee under a 19
structured settlement for periodic payments of 20
damages in tort actions upon injury to person and 22
to establish procedures for application for such 23
approval by a transferee of those payment rights. 24
BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF OHIO: 26
Section 1. That sections 2323.58, 2323.581, 2323.582, 29
2323.583, 2323.584, 2323.585, and 2323.586 of the Revised Code be 30
enacted to read as follows: 31
Sec. 2323.58. AS USED IN THIS SECTION AND SECTIONS 33
2323.581 TO 2323.586 OF THE REVISED CODE: 34
(A) "ANNUITY ISSUER" MEANS AN INSURER THAT HAS ISSUED AN 37
INSURANCE CONTRACT THAT IS USED TO FUND PERIODIC PAYMENTS UNDER A 38
STRUCTURED SETTLEMENT.
(B) "APPLICABLE LAW" MEANS ANY OF THE FOLLOWING: 41
(1) THE LAWS OF THE UNITED STATES; 44
(2) THE LAWS OF THIS STATE, INCLUDING PRINCIPLES OF EQUITY 47
THAT ARE APPLIED IN THE COURTS OF THIS STATE;
(3) THE LAWS OF ANY OTHER JURISDICTION IN WHICH THE PAYEE 49
OR ANY OTHER INTERESTED PARTY WITH RESPECT TO A STRUCTURED 50
SETTLEMENT RESIDES OR THE LAWS OF ANY OTHER JURISDICTION UNDER 52
2
WHICH A COURT OR A RESPONSIBLE ADMINISTRATIVE AUTHORITY APPROVED 53
A STRUCTURED SETTLEMENT.
(C) "DEPENDENT" MEANS A SPOUSE OF A PAYEE, A MINOR CHILD 56
OF A PAYEE, OR ANY OTHER MEMBER OF THE FAMILY OF A PAYEE OR OTHER 57
PERSON WHOM, BY LAW OR BY COURT ORDER OR DECREE, THE PAYEE IS 58
LEGALLY OBLIGATED TO SUPPORT.
(D) "DISCOUNTED PRESENT VALUE" MEANS THE FAIR PRESENT 61
VALUE OF THE FUTURE PAYMENTS UNDER A STRUCTURED SETTLEMENT THAT 62
IS DETERMINED BY DISCOUNTING THOSE PAYMENTS TO THE PRESENT, USING 63
THE MOST RECENTLY PUBLISHED APPLICABLE FEDERAL RATE FOR 64
DETERMINING THE PRESENT VALUE OF AN ANNUITY AS ISSUED BY THE 66
UNITED STATES INTERNAL REVENUE SERVICE. 67
(E) "INDEPENDENT PROFESSIONAL ADVICE" MEANS THE ADVICE OF 70
AN ATTORNEY, A CERTIFIED PUBLIC ACCOUNTANT, AN ACTUARY, OR ANY 71
OTHER LICENSED PROFESSIONAL ADVISER IF ALL OF THE FOLLOWING 72
APPLY:
(1) THE PAYEE HAS ENGAGED THE SERVICES OF THE LICENSED 74
PROFESSIONAL ADVISER TO RENDER ADVICE CONCERNING THE LEGAL AND 76
OTHER IMPLICATIONS OF A TRANSFER OF STRUCTURED SETTLEMENT PAYMENT 77
RIGHTS.
(2) THE LICENSED PROFESSIONAL ADVISER HAS SIGNED A 79
STATEMENT TO THE EFFECT THAT THE LICENSED PROFESSIONAL ADVISER 80
RENDERED ADVICE TO THE PAYEE CONCERNING THE LEGAL AND OTHER 81
IMPLICATIONS OF A TRANSFER OF STRUCTURED SETTLEMENT PAYMENT 82
RIGHTS.
(3) THE LICENSED PROFESSIONAL ADVISER IS NOT AFFILIATED IN 85
ANY MANNER WITH, OR COMPENSATED IN ANY MANNER BY, THE TRANSFEREE
OF THE STRUCTURED SETTLEMENT PAYMENT RIGHTS. 87
(4) THE COMPENSATION OF THE LICENSED PROFESSIONAL ADVISER 89
IS NOT AFFECTED BY WHETHER OR NOT A TRANSFER OF STRUCTURED 91
SETTLEMENT PAYMENT RIGHTS OCCURS.
(F) "INTERESTED PARTY" INCLUDES THE PAYEE WITH RESPECT TO 94
A STRUCTURED SETTLEMENT, THE ANNUITY ISSUER, THE STRUCTURED 95
SETTLEMENT AGREEMENT OBLIGOR, AND ANY OTHER PARTY THAT HAS 96
3
CONTINUING RIGHTS OR OBLIGATIONS UNDER THE STRUCTURED SETTLEMENT 97
AGREEMENT.
(G) "PAYEE" MEANS AN INDIVIDUAL WHO IS RECEIVING PERIODIC 100
PAYMENTS UNDER A STRUCTURED SETTLEMENT AGREEMENT THAT ARE 101
EXCLUDABLE FROM THE INDIVIDUAL'S GROSS INCOME UNDER FEDERAL
INCOME TAXATION LAWS APPLICABLE TO THAT INDIVIDUAL AND WHO 103
PROPOSES TO MAKE A TRANSFER OF THE RIGHTS TO RECEIVE THOSE 104
PERIODIC PAYMENTS.
(H) "PERIODIC PAYMENTS" INCLUDES BOTH CONTINUING MONTHLY 107
OR OTHER PERIODIC PAYMENTS AND SCHEDULED FUTURE LUMP-SUM PAYMENTS 108
UNDER A STRUCTURED SETTLEMENT. 109
(I) "QUALIFIED ASSIGNMENT AGREEMENT" MEANS AN AGREEMENT 112
THAT PROVIDES FOR A QUALIFIED ASSIGNMENT, AS DEFINED IN SECTION 113
130 OF THE "INTERNAL REVENUE CODE OF 1986," 100 STAT. 2085, 26 117
U.S.C.A. 130(c), AS AMENDED, THROUGH AN ASSIGNMENT OF THE 119
LIABILITY UNDER A STRUCTURED SETTLEMENT AGREEMENT TO MAKE 120
PERIODIC PAYMENTS AS DAMAGES, ON ACCOUNT OF PERSONAL INJURY OR 122
SICKNESS.
(J) "RESPONSIBLE ADMINISTRATIVE AUTHORITY" MEANS ANY 124
GOVERNMENT AUTHORITY OF ANOTHER STATE VESTED BY THE LAW OF THAT 126
STATE WITH THE ORIGINAL EXCLUSIVE JURISDICTION OVER THE SETTLED 127
CLAIM RESOLVED BY A STRUCTURED SETTLEMENT. 128
(K) "SETTLED CLAIM" MEANS THE ORIGINAL TORT CLAIM RESOLVED 131
BY A STRUCTURED SETTLEMENT.
(L) "STRUCTURED SETTLEMENT" MEANS AN ARRANGEMENT FOR 134
PERIODIC PAYMENTS OF DAMAGES FOR INJURY TO A PERSON THAT IS 135
ESTABLISHED BY A SETTLEMENT OR A COURT JUDGMENT IN RESOLUTION OF 136
A TORT CLAIM.
(M) "STRUCTURED SETTLEMENT AGREEMENT" MEANS AN AGREEMENT, 139
JUDGMENT, STIPULATION, OR RELEASE THAT EMBODIES THE TERMS OF A 140
STRUCTURED SETTLEMENT, INCLUDING THE RIGHTS OF A PAYEE TO RECEIVE 141
PERIODIC PAYMENTS.
(N) "STRUCTURED SETTLEMENT OBLIGOR" MEANS THE PARTY THAT 144
HAS THE OBLIGATION TO MAKE CONTINUING PERIODIC PAYMENTS TO THE
4
PAYEE UNDER A STRUCTURED SETTLEMENT AGREEMENT OR A QUALIFIED 145
ASSIGNMENT AGREEMENT. 146
(O) "STRUCTURED SETTLEMENT PAYMENT RIGHTS" MEANS THE 149
RIGHTS UNDER A STRUCTURED SETTLEMENT AGREEMENT TO RECEIVE 150
PERIODIC PAYMENTS FROM A STRUCTURED SETTLEMENT OBLIGOR OR AN 151
ANNUITY ISSUER IF EITHER OF THE FOLLOWING APPLIES: 152
(1) THE PAYEE, THE STRUCTURED SETTLEMENT OBLIGOR, OR THE 155
ANNUITY ISSUER WITH RESPECT TO THE STRUCTURED SETTLEMENT 156
AGREEMENT IS A RESIDENT OF THIS STATE. 157
(2) THE STRUCTURED SETTLEMENT AGREEMENT WAS APPROVED BY A 159
COURT IN THIS STATE. 160
(P) "TERMS OF A STRUCTURED SETTLEMENT" INCLUDES THE TERMS 163
OF A STRUCTURED SETTLEMENT AGREEMENT, AN INSURANCE CONTRACT, A 164
QUALIFIED ASSIGNMENT AGREEMENT, AND ANY ORDER OR APPROVAL BY A 165
COURT, A RESPONSIBLE ADMINISTRATIVE AUTHORITY, OR OTHER 166
GOVERNMENT AUTHORITY AUTHORIZING OR APPROVING THE STRUCTURED 167
SETTLEMENT.
(Q) "TRANSFER" MEANS A SALE, ASSIGNMENT, PLEDGE, 169
HYPOTHECATION, OR ANY OTHER FORM OF ALIENATION OR ENCUMBRANCE OF 170
STRUCTURED SETTLEMENT PAYMENT RIGHTS MADE BY A PAYEE FOR 171
CONSIDERATION. 172
(R) "TRANSFER AGREEMENT" MEANS AN AGREEMENT THAT PROVIDES 175
FOR THE TRANSFER OF STRUCTURED SETTLEMENT PAYMENT RIGHTS FROM A 176
PAYEE TO A TRANSFEREE.
(S) "TRANSFEREE" MEANS A PARTY ACQUIRING OR PROPOSING TO 178
ACQUIRE STRUCTURED SETTLEMENT PAYMENT RIGHTS THROUGH A TRANSFER 179
OF THOSE RIGHTS.
Sec. 2323.581. NO DIRECT OR INDIRECT TRANSFER OF 181
STRUCTURED SETTLEMENT PAYMENT RIGHTS SHALL BE EFFECTIVE, AND NO 182
STRUCTURED SETTLEMENT OBLIGOR OR ANNUITY ISSUER SHALL BE REQUIRED 184
TO MAKE ANY PAYMENT DIRECTLY OR INDIRECTLY TO A TRANSFEREE OF 185
STRUCTURED SETTLEMENT PAYMENT RIGHTS, UNLESS THE TRANSFEREE HAS 187
PROVIDED THE PAYEE AND OTHER INTERESTED PARTIES WITH THE 188
DISCLOSURES REQUIRED BY SECTION 2323.582 OF THE REVISED CODE AND 189
5
THE TRANSFER HAS BEEN APPROVED IN ADVANCE IN A FINAL ORDER OF A 190
COURT OF COMPETENT JURISDICTION IN ACCORDANCE WITH SECTIONS 191
2323.583 AND 2323.584 OF THE REVISED CODE. 192
Sec. 2323.582. NOT LESS THAN TEN DAYS PRIOR TO THE DATE ON 195
WHICH A PAYEE BECOMES OBLIGATED UNDER A TRANSFER AGREEMENT, THE 196
TRANSFEREE SHALL PROVIDE TO THE PAYEE A DISCLOSURE STATEMENT, IN 197
BOLDFACE TYPE OF THE MINIMUM SIZE OF FOURTEEN POINTS, SETTING 198
FORTH ALL OF THE FOLLOWING: 199
(A) THE AMOUNTS AND DUE DATES OF THE STRUCTURED SETTLEMENT 202
PAYMENTS THAT WOULD BE TRANSFERRED UNDER THE TRANSFER AGREEMENT; 203
(B) THE AGGREGATE AMOUNT OF THE PAYMENTS DESCRIBED IN 206
DIVISION (A) OF THIS SECTION; 207
(C) THE DISCOUNTED PRESENT VALUE OF THE PAYMENTS DESCRIBED 210
IN DIVISION (A) OF THIS SECTION AND THE AMOUNT OF THE APPLICABLE 211
FEDERAL RATE USED IN DETERMINING THE DISCOUNTED PRESENT VALUE; 213
(D) THE GROSS AMOUNT PAYABLE TO THE PAYEE IN EXCHANGE FOR 216
OR AS CONSIDERATION FOR THE TRANSFER OF THE STRUCTURED SETTLEMENT
PAYMENTS DESCRIBED IN DIVISION (A) OF THIS SECTION; 217
(E) AN ITEMIZED LISTING OF ALL BROKERS' COMMISSIONS, 220
SERVICE CHARGES, APPLICATION FEES, PROCESSING FEES, CLOSING 221
COSTS, FILING FEES, ADMINISTRATIVE FEES, LEGAL FEES, NOTARY FEES, 222
AND OTHER COMMISSIONS, FEES, COSTS, EXPENSES, AND CHARGES PAYABLE 223
BY THE PAYEE OR DEDUCTIBLE FROM THE GROSS AMOUNT OTHERWISE 224
PAYABLE TO THE PAYEE AS DESCRIBED IN DIVISION (D) OF THIS 226
SECTION;
(F) THE NET AMOUNT PAYABLE TO THE PAYEE AFTER DEDUCTION 229
FROM THE GROSS AMOUNT PAYABLE TO THE PAYEE AS DESCRIBED IN
DIVISION (D) OF THIS SECTION OF ALL COMMISSIONS, FEES, COSTS, 230
EXPENSES, AND CHARGES DESCRIBED IN DIVISION (E) OF THIS SECTION; 232
(G) THE QUOTIENT, EXPRESSED AS A PERCENTAGE, OBTAINED BY 235
DIVIDING THE NET AMOUNT PAYABLE TO THE PAYEE AS DESCRIBED IN 236
DIVISION (F) OF THIS SECTION BY THE DISCOUNTED PRESENT VALUE OF 237
THE PAYMENTS DESCRIBED IN DIVISION (C) OF THIS SECTION; 239
(H) THE AMOUNT OF ANY PENALTY AND THE AGGREGATE AMOUNT OF 242
6
ANY LIQUIDATED DAMAGES, INCLUDING PENALTIES, PAYABLE BY THE PAYEE 243
IN THE EVENT OF ANY BREACH OF THE TRANSFER AGREEMENT BY THE 244
PAYEE.
Sec. 2323.583. A COURT OF COMPETENT JURISDICTION MAY 247
APPROVE A TRANSFER OF STRUCTURED SETTLEMENT PAYMENT RIGHTS ONLY 250
IN A FINAL ORDER THAT IS BASED ON THE EXPRESS FINDINGS OF THE 251
COURT, AND THE EXPRESS FINDINGS SHALL INCLUDE ALL OF THE 253
FOLLOWING:
(A) THE TRANSFEREE HAS PROVIDED TO THE PAYEE A DISCLOSURE 255
STATEMENT THAT COMPLIES WITH SECTION 2323.582 OF THE REVISED 257
CODE, AND THE PAYEE HAS CONFIRMED THE PAYEE'S RECEIPT OF THE
DISCLOSURE STATEMENT, AS EVIDENCED BY THE PAYEE'S NOTARIZED 258
SIGNATURE ON A COPY OF THE DISCLOSURE STATEMENT. 259
(B)(1) EXCEPT AS PROVIDED IN DIVISION (B)(2) OF THIS 261
SECTION, THE PAYEE HAS ESTABLISHED THAT THE TRANSFER IS FAIR AND 262
REASONABLE AND IN THE BEST INTERESTS OF THE PAYEE AND THE PAYEE'S 263
DEPENDENTS.
(2) IF, ON THE EFFECTIVE DATE OF THE TRANSFER AGREEMENT, A 265
FEDERAL HARDSHIP STANDARD EXISTS, THE PAYEE HAS ESTABLISHED THAT 266
THE TRANSFER MEETS THAT HARDSHIP STANDARD. 267
(C) THE PAYEE HAS RECEIVED INDEPENDENT PROFESSIONAL ADVICE 269
REGARDING THE LEGAL AND OTHER IMPLICATIONS OF THE TRANSFER. 271
(D) IF THE TRANSFER CONTRAVENES THE TERMS OF THE 273
STRUCTURED SETTLEMENT INVOLVED, ALL OF THE FOLLOWING HAVE BEEN 274
COMPLIED WITH:
(1) EACH DEPENDENT WHOM THE PAYEE IS LEGALLY OBLIGATED TO 276
SUPPORT BY COURT ORDER OR DECREE, IN A WRITTEN APPROVAL AND 277
WAIVER, APPROVES THE TRANSFER AND WAIVES THE RIGHT TO REQUIRE 279
THAT THE STRUCTURED SETTLEMENT PAYMENTS BE MADE TO THE PAYEE IN 280
ACCORDANCE WITH THE TERMS OF THE STRUCTURED SETTLEMENT. 281
(2) ANY COURT OR RESPONSIBLE ADMINISTRATIVE AUTHORITY THAT 283
PREVIOUSLY APPROVED THE STRUCTURED SETTLEMENT, OTHER THAN THE 285
COURT FROM WHICH THE APPROVAL OF THE TRANSFER IS SOUGHT UNDER 287
SECTIONS 2323.58 TO 2323.585 OF THE REVISED CODE, HAS EXPRESSLY 288
7
APPROVED THE TRANSFER IN WRITING. 289
(3) THE TRANSFEREE HAS PROVIDED TO THE COURT IN WHICH THE 292
APPLICATION FOR APPROVAL OF THE TRANSFER WAS FILED ALL OF THE 293
SIGNED ORIGINAL COPIES OF THE APPROVALS REQUIRED UNDER DIVISIONS 294
(D)(1) AND (2) OF THIS SECTION.
(4) THE TRANSFEREE HAS FURNISHED EACH INTERESTED PARTY 296
COPIES OF THE APPROVALS REQUIRED UNDER DIVISIONS (D)(1) AND (2) 297
OF THIS SECTION. 298
(E) THE TRANSFEREE HAS GIVEN WRITTEN NOTICE OF THE 300
TRANSFEREE'S NAME, ADDRESS, AND TAXPAYER IDENTIFICATION NUMBER TO 302
THE ANNUITY ISSUER AND THE STRUCTURED SETTLEMENT OBLIGOR AND HAS 303
FILED A COPY OF THAT NOTICE WITH THE COURT IN WHICH THE 305
APPLICATION FOR APPROVAL OF THE TRANSFER WAS FILED.
(F) THE TRANSFER COMPLIES WITH ALL OF THE REQUIREMENTS OF 307
SECTIONS 2323.58 TO 2323.585 OF THE REVISED CODE AND DOES NOT 309
CONTRAVENE ANY APPLICABLE LAW. 310
Sec. 2323.584. (A) A PERSON SHALL FILE AN APPLICATION 312
UNDER SECTIONS 2323.58 TO 2323.585 OF THE REVISED CODE FOR THE 313
APPROVAL IN ADVANCE OF A TRANSFER OF STRUCTURED SETTLEMENT 314
PAYMENT RIGHTS IN EITHER OF THE FOLLOWING: 315
(1) IN THE COURT OF COMMON PLEAS OF THE COUNTY IN WHICH 317
THE PAYEE, THE STRUCTURED SETTLEMENT OBLIGOR, OR THE ANNUITY 318
ISSUER RESIDES; 319
(2) IN THE OHIO COURT THAT APPROVED THE STRUCTURED 321
SETTLEMENT AGREEMENT. 322
(B) THE FOLLOWING PROCEDURES SHALL APPLY TO AN APPLICATION 324
FOR THE APPROVAL IN ADVANCE BY A COURT OF A TRANSFER OF 326
STRUCTURED SETTLEMENT PAYMENT RIGHTS UNDER DIVISION (A) OF THIS 327
SECTION:
(1) UPON THE FILING OF THE APPLICATION, THE COURT SHALL 330
SET A DATE AND TIME FOR A HEARING ON THE APPLICATION AND SHALL 331
NOTIFY THE TRANSFEREE OF THE DATE, TIME, AND PLACE OF THE 332
HEARING.
(2) NOT LESS THAN TWENTY DAYS PRIOR TO THE DATE SET BY THE 334
8
COURT FOR THE HEARING ON AN APPLICATION FILED PURSUANT TO THIS 335
SECTION, THE TRANSFEREE SHALL FILE WITH THE COURT AND SHALL SERVE 337
ON THE COURT OR ANY RESPONSIBLE ADMINISTRATIVE AUTHORITY THAT 338
PREVIOUSLY APPROVED THE STRUCTURED SETTLEMENT, ON ALL INTERESTED 339
PARTIES, AND ON THE ANNUITY ISSUER AND THE STRUCTURED SETTLEMENT 340
OBLIGOR, IN THE MANNER PRESCRIBED IN THE RULES OF CIVIL PROCEDURE 341
FOR THE SERVICE OF PROCESS, A NOTICE OF THE PROPOSED TRANSFER AND 342
THE APPLICATION FOR ITS APPROVAL IN ADVANCE. THE NOTICE SHALL 343
INCLUDE ALL OF THE FOLLOWING: 344
(a) A COPY OF THE APPLICATION; 346
(b) A COPY OF THE TRANSFER AGREEMENT; 348
(c) A COPY OF THE DISCLOSURE STATEMENT PROVIDED BY THE 350
TRANSFEREE PURSUANT TO SECTION 2323.582 OF THE REVISED CODE AND 351
SIGNED BY THE PAYEE PURSUANT TO DIVISION (A) OF SECTION 2323.583 352
OF THE REVISED CODE;
(d) NOTIFICATION OF THE DATE, TIME, AND PLACE OF THE 354
HEARING ON THE APPLICATION; 355
(e) NOTIFICATION THAT ANY INTERESTED PARTY MAY SUPPORT, 357
OPPOSE, OR OTHERWISE RESPOND TO THE APPLICATION, EITHER IN PERSON 359
OR BY COUNSEL, BY SUBMITTING TO THE COURT A WRITTEN RESPONSE 360
CONTAINING THE INTERESTED PARTY'S SUPPORT OF, OPPOSITION TO, OR 362
COMMENTS ON THE APPLICATION OR BY PARTICIPATING IN THE HEARING; 363
(f) NOTIFICATION OF THE MANNER OF FILING A WRITTEN 365
RESPONSE TO THE APPLICATION AND THE TIME WITHIN WHICH THE 366
RESPONSE IS REQUIRED TO BE FILED IN ORDER FOR THE COURT TO 368
CONSIDER IT.
(3) WITHIN FIFTEEN DAYS AFTER RECEIPT OF THE NOTICE 370
DESCRIBED IN DIVISION (B)(2) OF THIS SECTION, ANY INTERESTED 371
PARTY WHO WISHES TO RESPOND TO THE APPLICATION SHALL FILE A 372
WRITTEN RESPONSE WITH THE COURT PERSONALLY OR BY CERTIFIED MAIL, 374
RETURN RECEIPT REQUESTED.
(4) AT THE CONCLUSION OF THE HEARING ON AN APPLICATION 376
UNDER THIS SECTION, THE COURT MAY GRANT OR DENY THE APPROVAL OF 378
THE TRANSFER. THE COURT SHALL ENTER ITS ORDER ACCORDINGLY. IF 379
9
THE COURT GRANTS THE APPROVAL OF THE TRANSFER, IT SHALL INCLUDE 380
IN ITS ORDER ALL OF THE EXPRESS FINDINGS SPECIFIED IN SECTION 381
2323.583 OF THE REVISED CODE. IF THE COURT DENIES THE APPROVAL 384
OF THE TRANSFER, IT SHALL INCLUDE IN ITS ORDER THE REASONS FOR 385
THE DENIAL.
(5) AN ORDER OF THE COURT MADE UNDER DIVISION (B)(4) OF 389
THIS SECTION IS A FINAL AND APPEALABLE ORDER. 390
Sec. 2323.585. (A) NO PAYEE WHO PROPOSES TO MAKE A 392
TRANSFER OF STRUCTURED SETTLEMENT PAYMENT RIGHTS SHALL INCUR ANY 393
PENALTY, FORFEIT ANY APPLICATION FEE OR OTHER PAYMENT, OR 394
OTHERWISE INCUR ANY LIABILITY TO THE PROPOSED TRANSFEREE BASED ON 396
A FAILURE OF THE TRANSFER TO COMPLY WITH ANY OF THE REQUIREMENTS
OF SECTIONS 2323.581 TO 2323.584 OF THE REVISED CODE. 398
(B) NO PROVISION OF THIS SECTION OR SECTION 2323.581, 401
2323.582, 2323.583, OR 2323.584 OF THE REVISED CODE MAY BE 402
WAIVED.
(C) NO PROVISION OF THIS SECTION OR SECTION 2323.581, 405
2323.582, 2323.583, OR 2323.584 OF THE REVISED CODE AUTHORIZES 406
ANY TRANSFER OF STRUCTURED SETTLEMENT PAYMENT RIGHTS IN 408
CONTRAVENTION OF APPLICABLE LAW OR GIVES EFFECT TO ANY TRANSFER 409
OF STRUCTURED SETTLEMENT PAYMENT RIGHTS THAT IS VOID UNDER ANY 410
APPLICABLE LAW.
Sec. 2323.586. A VIOLATION OF SECTION 2323.581, 2323.582, 412
2323.583, 2323.584, OR 2323.585 OF THE REVISED CODE IS AN UNFAIR 413
OR DECEPTIVE ACT OR PRACTICE IN VIOLATION OF SECTION 1345.02 OF 414
THE REVISED CODE.
Section 2. Sections 2323.58, 2323.581, 2323.582, 2323.583, 416
2323.584, 2323.585, and 2323.586 of the Revised Code, as enacted 417
by this act, shall apply to a transfer of structured settlement 419
payment rights under a transfer agreement entered into on or 420
after the effective date of this act. As used in this section, 421
"structured settlement payment rights," "transfer," and "transfer 423
agreement" have the same meanings as in section 2323.58 of the 424
Revised Code, as enacted by this act.