Block 16.3 Article 2.3 Transfers of Structured Settlement Payment Rights
Reporting to the OAG: To Review or Not Review: Does the OAG Take a Look at Each Transfer Agreement?
10139(b) says “no”. 10139(b) states, “The Attorney General may, but is not required to, review any transfer agreement in order to ensure that the transfer meets the requirements of this article.”
(You can view this “article” (10139(b)) here: http://codes.lp.findlaw.com/cacode/INS/1/d2/2/1/2.3/s10139
a Thomson Reuters website that was last updated Nov. 13, 2013 at 1:08 p.m. PST.)
The code is short, and so is this article. It’s straight forward. 10139(b) tells us the AG can review any transfer agreement. So, yes, the AG does review transfer agreements.
A mission of the Attorney General is to protect consumers from fraudulent, unfair, and illegal activities. If a consumer could be a victim during the transfer of their structured settlement payment rights, the Attorney General would review its transfer agreement.
Since Federal regulation passed in 2002 regarding transfers of structured settlements, strict consumer protection laws for transferring structured settlements are in place now, to make the Attorney General’s job a little easier, by making the industry compliant to new, strict laws.
Generally speaking, now all transfer companies make a good faith effort to assist the consumer to have a seamless and simple transfer as possible, also making the AG’s job easier.
Having an independent professional adviser on your side helps the seamless transition.
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