§ 34-50-2-6 — Disclosure statements

Indiana § 34-50-2-6

• Jurisdiction: Indiana
• Title 34: CIVIL LAW AND PROCEDURE
• Art. 50: SETTLEMENT OF CLAIMS
• Ch. 2: Annuity Structured Settlements

Text

Not less than ten (10) days before the date on
which a payee becomes obligated under a transfer agreement, the
transferee shall provide to the payee and other interested parties a
disclosure statement, in boldface type of not less than fourteen (14)
points in size, that includes the following:
(1) The amounts and due dates of the structured settlement
payments to be transferred under the transfer agreement.
(2) The aggregate amount of the payments disclosed under
subdivision (1).
(3) An estimate of the present fair market value of the future
periodic payments under the structured settlement agreement.
(4) The gross amount payable to the payee as consideration for
the transfer of the structured settlement payments disclosed under
subdivision (1).
(5) An itemized list of all:
(A) commissions;
(B) fees;
(C) costs;
(D) expenses; and
(E) charges;
payable by the payee or deductible from the gross amount payable
to the payee, as disclosed under subdivision (4).
(6) The net amount payable to the payee after any deduction is
made from the gross amount payable to the payee, as described in
subdivision (5).
(7) The quotient, expressed as a percentage, obtained by dividing
the net amount payable to the payee, as disclosed under
subdivision (6), by the estimate of the present fair market value
of the future periodic payments, as disclosed under subdivision
(3).
(8) The amount of any penalty and the aggregate amount of any
liquidated damages, including penalties, payable by the payee in
the event of a breach of the transfer agreement by the payee.

Legislative History

As added by P.L.219-2001, SEC.6.