§ 51-12-79 — Application for transfer of structured settlement payment right required documentation; hearing

Georgia § 51-12-79

• Jurisdiction: Georgia
• Title: 51

Text

(a) An application under this article for approval of a transfer of structured settlement payment rights shall be made by the transferee. The application shall be brought in superior court in the county in which the payee is domiciled, except that if the payee is not domiciled in this state, the application may be brought in the court in this state that approved the structured settlement agreement. (b) At the time any application is made under this article for approval of a transfer of structured settlement payment rights, the transferee's application shall include evidence that the transferee is registered to do business in this state as a structured settlement purchase company. (c) A timely hearing shall be held on an application for approval of a transfer of structured settlement payment rights. The payee shall appear in person at the hearing, unless the court determines that good cause exists to excuse the payee from appearing in person. (d) Not less than 20 days prior to the scheduled hearing on any application for approval of a transfer of structured settlement payment rights under Code Section 51-12-77 , the transferee shall file with the court and serve on all interested parties a notice of the proposed transfer and the application for authorization. Such notice and application shall include all of the following: (1) A copy of the transferee's application; (2) A copy of the transfer agreement; (3) A copy of the disclosure statement required under Code Section 51-12-76 ; (4) The payee's name, age, county of domicile, and the number and ages of each of the payee's dependents; (5) A summary of: (A) Any prior transfers by the payee to the transferee or an affiliate, or through the transferee or an affiliate to an assignee, within the four years preceding the date of the transfer agreement and any proposed transfers by the payee to the transferee or an affiliate, or through the transferee or an affiliate, applications for approval of which were denied within the two years preceding the date of the transfer agreement; and (B) Any prior transfers by the payee to any person or entity other than the transferee or an affiliate or an assignee of the transferee or an affiliate within the three years preceding the date of the transfer agreement, and any prior proposed transfers by the payee to any person or entity other than the transferee or an affiliate or an assignee of a transferee or affiliate, applications for approval of which were denied within the one year preceding the date of the current transfer agreement, to the extent that the transfers or proposed transfers have been disclosed to the transferee by the payee in writing or otherwise are actually known to the transferee; (6) Notification that any interested party is entitled to support, oppose, or otherwise respond to the transferee's application, either in person or by counsel, by submitting written comments to the court or by participating in the hearing; (7) Notification of the time and place of the hearing and notification of the manner in which and the date by which written responses to the application must be filed, which date shall be not less than five days prior to the hearing, in order to be considered by the court; and (8) Evidence of the transferee's registration to do business in this state as a structured settlement purchase company.

Legislative History

Added by 2021 Ga. Laws 275,§ 1, eff. 7/1/2021.