§ 13-23-103 — Required disclosures to payee

(1) Not fewer than three 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 points, setting forth:

(a) The amounts and due dates of the structured settlement payments to be
transferred;

(b) The aggregate amount of such payments;

(c) 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 such discounted present
value;

(d) The gross advance amount;

(e) An itemized listing of all applicable transfer expenses, other than
attorney 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 attorney fees and related disbursements;

(f) The net advance amount;

(g) The amount of any penalties or liquidated damages payable by the payee
in the event of a breach of the transfer agreement by the payee; and

(h) 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.

Legislative History

Source: L. 2004: Entire article added, p. 496, � 1, effective July 1.