Senate Bill S6407

2017-2018 Legislative Session

Relates to transfers of structured settlements

download bill text pdf

Sponsored By

Archive: Last Bill Status - In Senate Committee Judiciary Committee


  • Introduced
    • In Committee Assembly
    • In Committee Senate
    • On Floor Calendar Assembly
    • On Floor Calendar Senate
    • Passed Assembly
    • Passed Senate
  • Delivered to Governor
  • Signed By Governor

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2017-S6407 (ACTIVE) - Details

Current Committee:
Senate Judiciary
Law Section:
General Obligations Law
Laws Affected:
Amd §§5-1703, 5-1705 & 5-1708, Gen Ob L

2017-S6407 (ACTIVE) - Summary

Relates to transfers of structured settlements; requires the court to appoint a guardian ad litem when the payee of a structured settlement is an infant; requires the court to appoint an independent advisor to counsel the payee of a structured settlement about the terms of the transfer.

2017-S6407 (ACTIVE) - Sponsor Memo

2017-S6407 (ACTIVE) - Bill Text download pdf

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   6407
 
                        2017-2018 Regular Sessions
 
                             I N  S E N A T E
 
                               May 17, 2017
                                ___________
 
 Introduced  by Sen. BONACIC -- (at request of the Office of Court Admin-
   istration) -- read twice and ordered printed, and when printed  to  be
   committed to the Committee on Judiciary
 
 AN ACT to amend the general obligations law, in relation to transfers of
   structured settlements

   THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section 1. Subdivisions (h) and (i) of section 5-1703 of  the  general
 obligations  law,  as  added  by  chapter  537  of the laws of 2002, are
 amended and a new subdivision (j) is added to read as follows:
   (h) 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]
   (i)  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[.]; AND
   (J) A STATEMENT THAT THE PAYEE HAS NO OBLIGATION TO PAY BACK ANY  SUMS
 RECEIVED  FROM  THE  TRANSFEREE  UNLESS  AND  UNTIL A COURT OF COMPETENT
 JURISDICTION HAS APPROVED THE TRANSFER.
   § 2. Section 5-1705 of the general  obligations  law,  as  amended  by
 chapter 511 of the laws of 2010, is amended to read as follows:
   §  5-1705.  Procedure  for  approval  of  transfers. (a) An action for
 approval of a transfer of a structured settlement shall be by a  special
 proceeding brought on only by order to show cause.
   (b)  Such proceeding shall be commenced to obtain approval of a trans-
 fer of structured settlement payment rights. Such  proceeding  shall  be
 commenced:
   (i) in the supreme court of the county in which the payee resides; or
   (ii) in any court which approved the structured settlement agreement.
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD09880-03-7
              

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