Sponsor Statement for HB 97: Purchase of Structured Settlements

Session:
State Capitol, Room 410
Juneau, AK 99801-1182
Phone: (907) 465-3789
Fax: (907) 465-3242

Interim:
PO Box 1630
Nome, AK 99762-1630
Phone: (907) 443-5036
Phone: (907) 269-0272
Fax: (907) 269-0273

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

Last updated:	February 16, 2001
Contact:	Representative Richard Foster at (907) 465-3789

House Bill 97 was introduced to address a concern brought forward by some of the states trial lawyers.

Apparently firms have been contacting recipients of structure 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.

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 analysis provided by Legislative Legal Services.

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