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23-81-706. Procedure for approval of transfers.
Arkansas Code — all titles (historical 2020) · legal_authorities
23-81-706. Procedure for approval of transfers.
(a) An application under this subchapter for approval of a transfer of structured settlement payment rights shall be made by the transferee and may be brought:
(1) In the county in which:
(A) The payee resides; or
(B) The structured settlement obligor or the annuity issuer maintains its principal place of business; or
(2) In any court or before any responsible administrative authority which approved the structured settlement agreement.
(b) Not less than twenty (20) days prior to the scheduled hearing on any application for approval of a transfer of structured settlement payment rights under § 23-81-704, the transferee shall file with the court or responsible administrative authority and serve on all interested parties a notice of the proposed transfer and the application for its authorization, including with the notice:
(1) A copy of the transferee's application;
(2) A copy of the transfer agreement;
(3) A copy of the disclosure statement required under § 23-81-703;
(4) A listing of each of the payee's dependents and each dependent's age;
(5) Notification that any interested party is entitled to support, oppose, or otherwise respond to the transferee's application, either in person or by counsel, by submitting written comments to the court or responsible administrative authority or by participating in the hearing; and
(6)(A) Notification of:
(i) The time and place of the hearing; and
(ii) The manner in which and the time by which written responses to the application must be filed in order to be considered by the court or responsible administrative authority.
(B) The time by which written responses to the application must be filed shall be not less than twenty (20) days after service of the tra
Source: Arkansas Code — historical release 78 (November 6, 2020) · 23-81-706
Stored review status: Historical 2020-11-06 source release; later amendments not reconciled; machine-extracted, not independently legally reviewed; source heading status: text_in_historical_source. A text match is a research starting point; applicability is not established.
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Stable record: arkansas_code:legal_authorities:23-81-706
Source file: gov.ar.code.title.23.odt
Pages: Not recorded – Not recorded
Passage SHA-256: 85c6884b06f56171c6db8cc6709a7e6b705136dab61df1d7bb342388996c44c8
Source location: content.xml paragraph 49534
Stored source content
23-81-706. Procedure for approval of transfers.
(a) An application under this subchapter for approval of a transfer of structured settlement payment rights shall be made by the transferee and may be brought:
(1) In the county in which:
(A) The payee resides; or
(B) The structured settlement obligor or the annuity issuer maintains its principal place of business; or
(2) In any court or before any responsible administrative authority which approved the structured settlement agreement.
(b) Not less than twenty (20) days prior to the scheduled hearing on any application for approval of a transfer of structured settlement payment rights under § 23-81-704, the transferee shall file with the court or responsible administrative authority and serve on all interested parties a notice of the proposed transfer and the application for its authorization, including with the notice:
(1) A copy of the transferee's application;
(2) A copy of the transfer agreement;
(3) A copy of the disclosure statement required under § 23-81-703;
(4) A listing of each of the payee's dependents and each dependent's age;
(5) Notification that any interested party is entitled to support, oppose, or otherwise respond to the transferee's application, either in person or by counsel, by submitting written comments to the court or responsible administrative authority or by participating in the hearing; and
(6)(A) Notification of:
(i) The time and place of the hearing; and
(ii) The manner in which and the time by which written responses to the application must be filed in order to be considered by the court or responsible administrative authority.
(B) The time by which written responses to the application must be filed shall be not less than twenty (20) days after service of the transferee's notice.
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Arkansas Code — all titles (historical 2020) · legal_authorities
23-81-703. Required disclosures to payee.
Not less than three (3) days prior to the date on which a payee signs a transfer agreement, the transferee shall provide to the payee a separate disclosure statement in bold type no smaller than fourteen (14) points, setting forth:
(1) The amounts and due dates of the structured settlement payments to be transferred;
(2) The aggregate amount of the payments;
(3) The discounted present value of the payments to be transferred, which shall be identified as the “calculation of current value of the transferred structured settlement payments under federal standards for valuing annuities”, and the amount of the applicable federal rate used in calculating the discounted present value;
(4) The gross advance amount;
(5) An itemized listing of all applicable transfer expenses, other than attorney's fees and related disbursements payable in connection with the transferee's application for approval of the transfer, and the transferee's best estimate of the amount of any such fees and disbursements;
(6) The net advance amount;
(7) The amount of any penalties or liquidated damages payable by the payee in the event of any breach of the transfer agreement by the payee; and
(8) A statement that the payee has the right to cancel the transfer agreement, without penalty or further obligation, not later than the third business day after the date the agreement is signed by the payee.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 23-81-703
Stored review status: Historical 2020-11-06 source release; later amendments not reconciled; machine-extracted, not independently legally reviewed; source heading status: text_in_historical_source. The source passage cites 23-81-703. This identifies an authority to review, not proof of applicability.
Arkansas Code — all titles (historical 2020) · legal_authorities
23-81-704. Approval of transfers of structured settlement payment rights.
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 any transferee of structured settlement payment rights unless the transfer has been approved in advance in a final court order or order of a responsible administrative authority based on express findings by the court or responsible administrative authority that:
(1) The transfer is in the best interest of the payee, taking into account the welfare and support of the payee's dependents;
(2) The payee has been advised in writing by the transferee to seek independent professional advice regarding the transfer and has either received the advice or knowingly waived the advice in writing; and
(3) The transfer does not contravene any applicable statute or the order of any court or other government authority.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 23-81-704
Stored review status: Historical 2020-11-06 source release; later amendments not reconciled; machine-extracted, not independently legally reviewed; source heading status: text_in_historical_source. The source passage cites 23-81-704. This identifies an authority to review, not proof of applicability.