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As Reported by the Senate Insurance, Commerce
and Labor Committee
123rd General Assembly
Regular Session
1999-2000 | Sub. S. B. No. 260 |
SENATORS NEIN-PRENTISS-BLESSING-HOTTINGER-CUPP-BRADY-DiDONATO-
HERINGTON-WHITE-FINGERHUT
A BILL
To enact sections 2323.58, 2323.581, 2323.582,
2323.583, 2323.584, 2323.585, and 2323.586 of the
Revised Code to
require approval by a court of the
transfer
of payment rights of a payee under a structured settlement
for periodic payments of damages in
tort actions upon injury to person
and to establish
procedures for application for such approval by a
transferee of those payment rights.
BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF OHIO:
Section 1. That sections 2323.58, 2323.581,
2323.582, 2323.583,
2323.584, 2323.585, and 2323.586 of the Revised Code be enacted to read as
follows:
Sec. 2323.58. AS USED IN THIS SECTION AND SECTIONS
2323.581 TO 2323.586 OF THE REVISED CODE:
(A) "ANNUITY ISSUER" MEANS AN INSURER THAT HAS ISSUED
AN INSURANCE CONTRACT THAT IS USED TO
FUND PERIODIC PAYMENTS UNDER A STRUCTURED SETTLEMENT.
(B) "APPLICABLE LAW" MEANS ANY OF THE
FOLLOWING:
(1) THE LAWS OF THE UNITED
STATES;
(2) THE LAWS OF THIS STATE, INCLUDING PRINCIPLES OF
EQUITY THAT ARE APPLIED IN THE COURTS OF THIS STATE;
(3) THE LAWS OF ANY OTHER JURISDICTION IN WHICH THE PAYEE OR ANY OTHER
INTERESTED PARTY WITH RESPECT TO A STRUCTURED SETTLEMENT
RESIDES
OR THE LAWS OF ANY OTHER JURISDICTION UNDER WHICH A COURT OR A RESPONSIBLE
ADMINISTRATIVE AUTHORITY APPROVED A STRUCTURED SETTLEMENT.
(C) "DEPENDENT" MEANS A SPOUSE OF A PAYEE, A MINOR
CHILD OF A PAYEE, OR ANY OTHER MEMBER OF THE FAMILY OF A PAYEE
OR OTHER PERSON WHOM, BY LAW OR BY COURT ORDER OR DECREE, THE
PAYEE IS LEGALLY OBLIGATED TO SUPPORT.
(D) "DISCOUNTED PRESENT VALUE" MEANS THE FAIR
PRESENT VALUE OF THE FUTURE PAYMENTS UNDER A STRUCTURED
SETTLEMENT THAT IS DETERMINED BY DISCOUNTING THOSE
PAYMENTS TO THE PRESENT, USING THE MOST RECENTLY PUBLISHED
APPLICABLE FEDERAL RATE FOR DETERMINING THE PRESENT
VALUE OF AN ANNUITY AS ISSUED BY THE
UNITED
STATES INTERNAL REVENUE SERVICE.
(E) "INDEPENDENT PROFESSIONAL ADVICE" MEANS THE
ADVICE OF AN ATTORNEY, A CERTIFIED PUBLIC ACCOUNTANT, AN
ACTUARY, OR ANY OTHER LICENSED PROFESSIONAL ADVISER IF ALL OF
THE FOLLOWING APPLY:
(1) THE PAYEE HAS ENGAGED THE SERVICES OF THE LICENSED
PROFESSIONAL ADVISER TO RENDER ADVICE CONCERNING THE LEGAL
AND OTHER IMPLICATIONS OF A TRANSFER OF STRUCTURED
SETTLEMENT PAYMENT RIGHTS.
(2) THE LICENSED PROFESSIONAL ADVISER HAS SIGNED A STATEMENT TO THE EFFECT
THAT THE LICENSED PROFESSIONAL ADVISER RENDERED ADVICE TO THE PAYEE CONCERNING
THE LEGAL AND OTHER IMPLICATIONS OF A TRANSFER OF STRUCTURED
SETTLEMENT PAYMENT RIGHTS.
(3) THE LICENSED PROFESSIONAL ADVISER IS NOT AFFILIATED
IN ANY MANNER WITH, OR COMPENSATED IN ANY MANNER BY, THE TRANSFEREE OF THE
STRUCTURED SETTLEMENT
PAYMENT RIGHTS.
(4) THE COMPENSATION OF THE LICENSED PROFESSIONAL ADVISER
IS NOT AFFECTED BY WHETHER OR NOT A
TRANSFER OF STRUCTURED SETTLEMENT PAYMENT RIGHTS OCCURS.
(F) "INTERESTED PARTY" INCLUDES THE PAYEE WITH
RESPECT TO A STRUCTURED SETTLEMENT,
THE ANNUITY ISSUER, THE STRUCTURED SETTLEMENT AGREEMENT OBLIGOR,
AND ANY OTHER PARTY THAT HAS CONTINUING RIGHTS OR OBLIGATIONS
UNDER THE STRUCTURED SETTLEMENT AGREEMENT.
(G) "PAYEE" MEANS AN INDIVIDUAL WHO IS RECEIVING
PERIODIC PAYMENTS UNDER A STRUCTURED SETTLEMENT AGREEMENT THAT
ARE EXCLUDABLE FROM THE INDIVIDUAL'S GROSS INCOME UNDER FEDERAL
INCOME TAXATION LAWS APPLICABLE TO THAT
INDIVIDUAL AND WHO PROPOSES TO MAKE A TRANSFER OF THE RIGHTS TO
RECEIVE THOSE PERIODIC PAYMENTS.
(H) "PERIODIC PAYMENTS"
INCLUDES BOTH CONTINUING MONTHLY OR OTHER PERIODIC PAYMENTS AND
SCHEDULED FUTURE LUMP-SUM PAYMENTS UNDER A STRUCTURED
SETTLEMENT.
(I) "QUALIFIED ASSIGNMENT AGREEMENT" MEANS AN
AGREEMENT THAT PROVIDES FOR A QUALIFIED ASSIGNMENT, AS
DEFINED IN SECTION 130 OF
THE "INTERNAL
REVENUE CODE OF 1986," 100
STAT. 2085, 26
U.S.C.A. 130(c), AS
AMENDED, THROUGH AN
ASSIGNMENT OF THE
LIABILITY UNDER A STRUCTURED SETTLEMENT AGREEMENT TO MAKE PERIODIC PAYMENTS
AS DAMAGES, ON ACCOUNT OF
PERSONAL INJURY OR SICKNESS.
(J) "RESPONSIBLE ADMINISTRATIVE AUTHORITY" MEANS ANY
GOVERNMENT
AUTHORITY OF ANOTHER STATE VESTED BY THE LAW OF THAT STATE WITH THE ORIGINAL
EXCLUSIVE JURISDICTION OVER THE SETTLED
CLAIM RESOLVED BY A STRUCTURED SETTLEMENT.
(K) "SETTLED CLAIM" MEANS THE ORIGINAL TORT CLAIM
RESOLVED BY A STRUCTURED SETTLEMENT.
(L) "STRUCTURED SETTLEMENT" MEANS AN ARRANGEMENT
FOR PERIODIC PAYMENTS OF DAMAGES FOR INJURY TO A PERSON
THAT IS ESTABLISHED BY A SETTLEMENT OR A COURT JUDGMENT IN
RESOLUTION OF A TORT CLAIM.
(M) "STRUCTURED SETTLEMENT AGREEMENT" MEANS AN
AGREEMENT, JUDGMENT, STIPULATION, OR RELEASE THAT EMBODIES THE
TERMS OF A STRUCTURED SETTLEMENT, INCLUDING THE RIGHTS OF A
PAYEE TO RECEIVE PERIODIC PAYMENTS.
(N) "STRUCTURED SETTLEMENT OBLIGOR" MEANS THE
PARTY THAT HAS THE OBLIGATION TO MAKE CONTINUING PERIODIC PAYMENTS TO THE
PAYEE UNDER A STRUCTURED SETTLEMENT AGREEMENT OR A QUALIFIED
ASSIGNMENT AGREEMENT.
(O) "STRUCTURED SETTLEMENT PAYMENT RIGHTS" MEANS
THE RIGHTS UNDER A STRUCTURED SETTLEMENT AGREEMENT TO
RECEIVE PERIODIC PAYMENTS
FROM A STRUCTURED SETTLEMENT OBLIGOR OR AN ANNUITY ISSUER IF
EITHER OF THE FOLLOWING APPLIES:
(1) THE PAYEE, THE STRUCTURED SETTLEMENT OBLIGOR, OR
THE ANNUITY ISSUER WITH RESPECT TO THE
STRUCTURED SETTLEMENT AGREEMENT IS A RESIDENT OF THIS
STATE.
(2) THE STRUCTURED SETTLEMENT AGREEMENT WAS APPROVED BY A COURT
IN THIS STATE.
(P) "TERMS OF A
STRUCTURED SETTLEMENT" INCLUDES THE TERMS OF A STRUCTURED
SETTLEMENT AGREEMENT, AN INSURANCE CONTRACT, A
QUALIFIED ASSIGNMENT AGREEMENT, AND ANY ORDER OR APPROVAL BY A
COURT, A RESPONSIBLE ADMINISTRATIVE AUTHORITY, OR OTHER GOVERNMENT AUTHORITY
AUTHORIZING OR APPROVING THE STRUCTURED SETTLEMENT.
(Q) "TRANSFER" MEANS A SALE, ASSIGNMENT, PLEDGE,
HYPOTHECATION, OR ANY OTHER FORM OF ALIENATION OR ENCUMBRANCE OF
STRUCTURED SETTLEMENT PAYMENT RIGHTS MADE BY A PAYEE FOR
CONSIDERATION.
(R) "TRANSFER AGREEMENT" MEANS AN AGREEMENT THAT
PROVIDES FOR THE TRANSFER OF STRUCTURED SETTLEMENT PAYMENT
RIGHTS FROM A PAYEE TO A TRANSFEREE.
(S) "TRANSFEREE" MEANS A PARTY ACQUIRING OR PROPOSING TO ACQUIRE
STRUCTURED SETTLEMENT PAYMENT RIGHTS THROUGH A TRANSFER OF THOSE RIGHTS.
Sec. 2323.581. 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 A
TRANSFEREE OF STRUCTURED SETTLEMENT PAYMENT RIGHTS,
UNLESS THE
TRANSFEREE HAS PROVIDED THE PAYEE AND OTHER INTERESTED PARTIES
WITH THE DISCLOSURES REQUIRED BY SECTION 2323.582 OF THE REVISED
CODE AND THE TRANSFER HAS BEEN APPROVED IN ADVANCE IN A FINAL ORDER
OF A COURT OF COMPETENT JURISDICTION
IN ACCORDANCE WITH SECTIONS 2323.583 AND 2323.584 OF THE
REVISED CODE.
Sec. 2323.582. NOT LESS THAN TEN DAYS PRIOR TO THE DATE
ON WHICH A PAYEE BECOMES OBLIGATED UNDER A TRANSFER
AGREEMENT, THE TRANSFEREE SHALL
PROVIDE TO THE PAYEE A DISCLOSURE STATEMENT, IN BOLDFACE TYPE OF
THE MINIMUM SIZE OF FOURTEEN POINTS, SETTING FORTH ALL OF THE
FOLLOWING:
(A) THE AMOUNTS AND DUE
DATES OF THE STRUCTURED SETTLEMENT PAYMENTS
THAT WOULD BE TRANSFERRED UNDER THE TRANSFER AGREEMENT;
(B) THE AGGREGATE AMOUNT
OF THE PAYMENTS DESCRIBED IN DIVISION
(A) OF THIS SECTION;
(C) THE DISCOUNTED PRESENT VALUE OF THE PAYMENTS
DESCRIBED IN DIVISION (A) OF
THIS SECTION AND THE AMOUNT OF THE APPLICABLE FEDERAL
RATE USED IN DETERMINING
THE DISCOUNTED PRESENT VALUE;
(D) THE GROSS AMOUNT PAYABLE TO THE PAYEE IN
EXCHANGE FOR OR AS CONSIDERATION FOR THE TRANSFER OF THE STRUCTURED SETTLEMENT
PAYMENTS DESCRIBED IN DIVISION (A) OF THIS SECTION;
(E) AN ITEMIZED LISTING
OF ALL BROKERS' COMMISSIONS, SERVICE CHARGES, APPLICATION FEES,
PROCESSING FEES, CLOSING COSTS, FILING FEES, ADMINISTRATIVE
FEES, LEGAL FEES, NOTARY FEES, AND OTHER COMMISSIONS, FEES,
COSTS, EXPENSES, AND CHARGES PAYABLE BY THE PAYEE
OR DEDUCTIBLE FROM THE GROSS AMOUNT OTHERWISE PAYABLE TO THE
PAYEE AS DESCRIBED IN DIVISION
(D) OF THIS SECTION;
(F) THE NET AMOUNT PAYABLE TO THE PAYEE AFTER
DEDUCTION FROM THE GROSS AMOUNT PAYABLE TO THE PAYEE AS DESCRIBED IN DIVISION
(D) OF THIS SECTION OF ALL COMMISSIONS, FEES, COSTS, EXPENSES, AND
CHARGES DESCRIBED IN DIVISION (E) OF
THIS SECTION;
(G) THE QUOTIENT, EXPRESSED AS A PERCENTAGE,
OBTAINED BY DIVIDING THE NET AMOUNT PAYABLE TO THE PAYEE AS
DESCRIBED IN DIVISION (F) OF
THIS SECTION BY THE DISCOUNTED PRESENT VALUE OF THE PAYMENTS
DESCRIBED IN DIVISION (C) OF
THIS SECTION;
(H) THE AMOUNT OF ANY
PENALTY AND THE AGGREGATE AMOUNT OF ANY LIQUIDATED DAMAGES,
INCLUDING PENALTIES, PAYABLE BY THE PAYEE IN THE EVENT OF ANY
BREACH OF THE TRANSFER AGREEMENT BY THE PAYEE.
Sec. 2323.583. A COURT OF COMPETENT
JURISDICTION MAY APPROVE A
TRANSFER OF STRUCTURED
SETTLEMENT
PAYMENT RIGHTS ONLY IN A FINAL ORDER THAT IS
BASED ON THE EXPRESS FINDINGS OF THE COURT,
AND THE EXPRESS FINDINGS SHALL
INCLUDE ALL OF THE FOLLOWING:
(A) THE TRANSFEREE HAS PROVIDED TO THE PAYEE A DISCLOSURE
STATEMENT THAT COMPLIES WITH SECTION 2323.582 OF THE REVISED
CODE, AND THE PAYEE HAS CONFIRMED THE PAYEE'S RECEIPT OF THE
DISCLOSURE STATEMENT, AS EVIDENCED BY THE PAYEE'S NOTARIZED SIGNATURE ON A
COPY OF THE DISCLOSURE STATEMENT.
(B)(1) EXCEPT AS PROVIDED IN DIVISION (B)(2) OF THIS
SECTION, THE PAYEE HAS ESTABLISHED THAT THE TRANSFER IS FAIR AND REASONABLE
AND IN THE BEST INTERESTS OF THE PAYEE AND THE PAYEE'S DEPENDENTS.
(2) IF, ON THE EFFECTIVE DATE OF THE TRANSFER AGREEMENT, A FEDERAL
HARDSHIP STANDARD EXISTS, THE PAYEE HAS ESTABLISHED THAT THE TRANSFER MEETS
THAT HARDSHIP STANDARD.
(C) THE PAYEE HAS RECEIVED INDEPENDENT PROFESSIONAL ADVICE
REGARDING THE LEGAL AND OTHER IMPLICATIONS OF THE
TRANSFER.
(D) IF THE TRANSFER CONTRAVENES THE TERMS OF THE STRUCTURED
SETTLEMENT INVOLVED, ALL OF THE FOLLOWING HAVE BEEN COMPLIED WITH:
(1) EACH DEPENDENT WHOM THE PAYEE IS LEGALLY OBLIGATED TO SUPPORT BY COURT
ORDER OR DECREE, IN A WRITTEN APPROVAL AND
WAIVER, APPROVES THE TRANSFER AND WAIVES THE
RIGHT TO REQUIRE THAT THE STRUCTURED SETTLEMENT PAYMENTS BE MADE
TO THE PAYEE IN ACCORDANCE WITH THE TERMS OF THE STRUCTURED
SETTLEMENT.
(2) ANY COURT OR RESPONSIBLE ADMINISTRATIVE AUTHORITY THAT PREVIOUSLY
APPROVED
THE STRUCTURED SETTLEMENT, OTHER THAN THE COURT
FROM WHICH THE
APPROVAL OF THE TRANSFER IS SOUGHT UNDER SECTIONS 2323.58 TO 2323.585 OF
THE REVISED CODE, HAS EXPRESSLY APPROVED THE TRANSFER IN
WRITING.
(3) THE TRANSFEREE HAS PROVIDED TO THE COURT
IN WHICH THE APPLICATION FOR APPROVAL OF THE
TRANSFER WAS FILED ALL OF THE SIGNED ORIGINAL COPIES OF THE APPROVALS
REQUIRED UNDER DIVISIONS (D)(1) AND (2) OF THIS SECTION.
(4) THE TRANSFEREE HAS FURNISHED EACH INTERESTED PARTY COPIES OF
THE APPROVALS REQUIRED UNDER DIVISIONS (D)(1) AND (2) OF THIS
SECTION.
(E) THE TRANSFEREE HAS GIVEN WRITTEN NOTICE OF THE
TRANSFEREE'S
NAME, ADDRESS, AND TAXPAYER IDENTIFICATION NUMBER TO THE ANNUITY
ISSUER AND THE STRUCTURED SETTLEMENT OBLIGOR AND HAS FILED A COPY
OF THAT NOTICE WITH THE COURT
IN WHICH THE APPLICATION FOR APPROVAL OF THE TRANSFER WAS FILED.
(F) THE TRANSFER COMPLIES WITH ALL OF THE REQUIREMENTS OF
SECTIONS 2323.58 TO 2323.585 OF THE REVISED CODE AND DOES
NOT
CONTRAVENE ANY APPLICABLE LAW.
Sec. 2323.584. (A) A PERSON SHALL FILE AN APPLICATION UNDER
SECTIONS 2323.58 TO 2323.585 OF THE REVISED CODE FOR THE
APPROVAL IN ADVANCE OF A TRANSFER OF STRUCTURED SETTLEMENT PAYMENT RIGHTS IN
EITHER OF THE FOLLOWING:
(1) IN THE COURT OF COMMON PLEAS OF THE COUNTY IN WHICH THE
PAYEE, THE STRUCTURED SETTLEMENT OBLIGOR, OR THE ANNUITY ISSUER
RESIDES;
(2) IN THE OHIO COURT THAT APPROVED THE STRUCTURED SETTLEMENT
AGREEMENT.
(B) THE FOLLOWING PROCEDURES SHALL APPLY TO AN APPLICATION FOR
THE APPROVAL IN ADVANCE BY A COURT OF
A TRANSFER OF STRUCTURED SETTLEMENT PAYMENT
RIGHTS UNDER DIVISION (A) OF THIS SECTION:
(1) UPON THE FILING OF THE APPLICATION, THE COURT
SHALL SET A
DATE AND TIME FOR A HEARING ON THE APPLICATION AND SHALL NOTIFY THE
TRANSFEREE OF THE DATE, TIME, AND PLACE OF THE HEARING.
(2) NOT LESS THAN TWENTY DAYS PRIOR TO THE DATE SET BY THE COURT
FOR THE HEARING ON AN APPLICATION FILED PURSUANT TO THIS SECTION, THE
TRANSFEREE SHALL FILE WITH THE COURT
AND SHALL SERVE ON THE COURT OR ANY RESPONSIBLE ADMINISTRATIVE
AUTHORITY THAT PREVIOUSLY APPROVED THE STRUCTURED SETTLEMENT,
ON ALL INTERESTED PARTIES, AND ON THE ANNUITY ISSUER AND THE STRUCTURED
SETTLEMENT OBLIGOR, IN THE MANNER
PRESCRIBED IN THE RULES OF CIVIL PROCEDURE FOR THE
SERVICE OF PROCESS, A NOTICE OF THE PROPOSED TRANSFER AND
THE APPLICATION FOR ITS APPROVAL IN ADVANCE. THE NOTICE SHALL INCLUDE ALL OF
THE FOLLOWING:
(a) A COPY OF THE APPLICATION;
(b) A COPY OF THE TRANSFER AGREEMENT;
(c) A COPY OF THE DISCLOSURE STATEMENT PROVIDED BY THE
TRANSFEREE PURSUANT TO SECTION 2323.582 of the Revised Code AND SIGNED BY THE PAYEE
PURSUANT TO DIVISION (A) OF SECTION 2323.583 of the Revised Code;
(d) NOTIFICATION OF THE DATE, TIME, AND PLACE OF THE
HEARING ON THE APPLICATION;
(e) NOTIFICATION THAT ANY INTERESTED PARTY MAY SUPPORT,
OPPOSE, OR OTHERWISE RESPOND TO THE APPLICATION, EITHER IN
PERSON OR BY COUNSEL, BY SUBMITTING TO THE COURT
A WRITTEN RESPONSE CONTAINING THE INTERESTED PARTY'S
SUPPORT OF,
OPPOSITION TO, OR COMMENTS ON THE APPLICATION OR BY
PARTICIPATING IN THE HEARING;
(f) NOTIFICATION OF THE MANNER OF FILING A WRITTEN
RESPONSE TO THE APPLICATION AND THE TIME WITHIN WHICH THE
RESPONSE IS REQUIRED TO BE FILED IN ORDER FOR THE COURT
TO CONSIDER IT.
(3) WITHIN FIFTEEN DAYS AFTER RECEIPT OF THE NOTICE DESCRIBED IN
DIVISION (B)(2) OF THIS SECTION, ANY INTERESTED PARTY WHO WISHES
TO RESPOND TO THE APPLICATION SHALL FILE A WRITTEN RESPONSE WITH THE
COURT
PERSONALLY OR BY CERTIFIED MAIL, RETURN RECEIPT REQUESTED.
(4) AT THE CONCLUSION OF THE HEARING ON AN APPLICATION UNDER THIS
SECTION, THE COURT
MAY GRANT OR DENY THE APPROVAL OF THE TRANSFER. THE COURT
SHALL ENTER ITS ORDER ACCORDINGLY. IF THE COURT
GRANTS THE APPROVAL OF THE TRANSFER, IT SHALL INCLUDE
IN ITS ORDER ALL OF THE EXPRESS FINDINGS SPECIFIED IN SECTION 2323.583 of the Revised Code.
IF THE COURT
DENIES THE
APPROVAL OF THE TRANSFER, IT SHALL INCLUDE IN ITS ORDER THE
REASONS FOR THE DENIAL.
(5) AN ORDER OF THE COURT
MADE UNDER DIVISION
(B)(4) OF THIS
SECTION IS A FINAL AND APPEALABLE ORDER.
Sec. 2323.585. (A) NO PAYEE WHO PROPOSES TO MAKE A
TRANSFER OF STRUCTURED SETTLEMENT PAYMENT RIGHTS SHALL INCUR ANY
PENALTY, FORFEIT ANY APPLICATION FEE OR OTHER PAYMENT, OR
OTHERWISE INCUR ANY LIABILITY TO THE PROPOSED TRANSFEREE BASED
ON A FAILURE OF THE TRANSFER TO COMPLY WITH ANY OF THE REQUIREMENTS OF
SECTIONS 2323.581 TO 2323.584 OF THE REVISED
CODE.
(B) NO PROVISION OF
THIS SECTION OR SECTION 2323.581, 2323.582, 2323.583, OR 2323.584 OF THE
REVISED CODE MAY BE WAIVED.
(C) NO PROVISION OF THIS
SECTION OR SECTION 2323.581, 2323.582, 2323.583, OR 2323.584 OF THE
REVISED CODE AUTHORIZES ANY TRANSFER OF STRUCTURED
SETTLEMENT PAYMENT RIGHTS
IN CONTRAVENTION OF APPLICABLE LAW OR GIVES EFFECT TO ANY
TRANSFER OF STRUCTURED SETTLEMENT PAYMENT RIGHTS THAT IS VOID
UNDER ANY APPLICABLE LAW.
Sec. 2323.586. A VIOLATION OF SECTION 2323.581, 2323.582, 2323.583,
2323.584, OR 2323.585 of the Revised Code IS AN UNFAIR OR DECEPTIVE ACT OR PRACTICE IN
VIOLATION OF SECTION 1345.02 of the Revised Code.
Section 2. Sections 2323.58, 2323.581, 2323.582, 2323.583,
2323.584, 2323.585, and 2323.586 of the Revised Code, as enacted by this act,
shall
apply to a transfer of structured settlement payment rights
under a transfer agreement entered into on or after the
effective date of this act. As used in this section,
"structured settlement payment rights," "transfer," and
"transfer agreement" have the same meanings as in section
2323.58 of the Revised Code, as enacted by this act.
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