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23rd Alaska State Legislature
The 23rd Alaska State Legislature
Alaska State Representative Richard Foster Information

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Session:
State Capitol, Room
Juneau, AK 99801-1182
Phone: (907)
Fax: (907) 465-3242
Toll Free: (800) 478-3789
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Interim:
P.O. Box 1630
Nome, AK 99762
Phone: (907) 443-5036
Information Office: (907) 443-5555
Fax: (907) 443-2162

Purchase of Structured Settlements
Sponsor Statement for HB 64
Alaska State Legislature
Alaska State Legislature
Attachments Attachments
 
Updated:
April 14, 2003
Paul LaBolle
465-3789 (Jan-May)

 


"When a person living in a village is contacted, they may not fully understand the implications of the purchase and realize what they are giving up in terms of long-term benefit versus a quick cash payoff."
- Rep. Foster

 

"An Act relating to court approval of the purchase of structured settlements."

House Bill 64 was introduced to address a concern brought forward by some of the states trial lawyers.

Apparently firms have been contacting the recipients of structured settlements and offering to buy those settlements for a small portion of their value. When a person living in a village is contacted, they may not fully understand the implications of the purchase and realize what they are giving up in terms of long-term benefit versus a quick cash payoff.

These Settlements are often draft as non-transferable. Without state oversight illegal transfers would go unnoticed.

Federal tax law puts a tax of 40% on the discounted value of any transfer of a structured settlement unless that transfer is approved by a form of state oversight.

This act would allow the reassignment of a structured settlement only after it had been approved by the courts and outlines the considerations that must be made before such a transfer is approved.

The specific provisions of the bill are outlined in the analyses provided by Legislative Legal Services.

Last Updated: 04/14/2003

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