Full text and statutory guidelines for the Model State Structured Settlement Protection Act.
The Georgia Model State Structured Settlement Protection Act is a piece of legislation that was enacted to provide a legal framework for the protection of structured settlement recipients in the state of Georgia. This act aims to safeguard the interests of individuals who have been awarded structured settlements by the court, ensuring they receive their entitled payments without any interference. Under the Georgia Model State Structured Settlement Protection Act, there are several types of structured settlement related provisions which include: 1. Prohibition of Transfer Restrictions: This provision ensures that the structured settlement recipient has the freedom to transfer any or all of their future periodic payments. It eliminates any restrictions imposed upon the recipients by settlement agreements or insurance policies. 2. Court Approval Requirement: The Act mandates the process of court approval for any proposed transfer of structured settlement payments. This requirement ensures that the transfer is in the best interest of the recipient and prevents potential abuse or exploitation. 3. Disclosure Requirements: The Act requires disclosure of all material terms and conditions of the proposed transfer to the structured settlement recipient. This includes information on the amounts and timing of the payments being transferred and any expenses or fees associated with the transfer. 4. Notice Requirements: The Act outlines the necessity for giving written notice to interested parties, such as the original structured settlement obliged, any guarantors, and relevant state agencies. This requirement ensures that all stakeholders are aware of the proposed transfer and have an opportunity to object if necessary. 5. Best Interest Standard: The Act includes a provision that mandates the court to determine whether the proposed transfer is in the best interest of the structured settlement recipient. This assessment takes into account the recipient's current and anticipated financial needs, their dependents, and any other relevant factors. 6. Penalties for Violations: The Act establishes penalties for any parties found in violation of its provisions. These penalties can include fines, sanctions, and other legal consequences. The Georgia Model State Structured Settlement Protection Act serves as a comprehensive regulatory framework to protect individuals who have been awarded structured settlements by ensuring transparency, fair transfer processes, and adequate safeguards against potential exploitation.
