New York § 5-1703 Required disclosures to payee

New York Statutes

§ 5-1703 — Required disclosures to payee

New York § 5-1703

Law GOBGeneral Obligations

Title 17Structured Settlement Protection Act

Art. 5Creation, Definition and Enforcement of Contractual Obligations

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Bluebook

N.Y. General Obligations § 5-1703 (2026).

Text

  § 5-1703. Required disclosures to payee. Not less than ten days prior\nto the date on which the payee signs a transfer agreement, the\ntransferee shall provide to the payee by first class mail and certified\nmail, return receipt requested or United States postal service priority\nmail, a separate disclosure statement, in bold type no smaller than\nfourteen points, setting forth:\n  (a) the amounts and due dates of the structured settlement payments to\nbe transferred;\n  (b) the aggregate amount of such payments;\n  (c) the discounted present value of the payments to be transferred,\nwhich shall be identified as the "calculation of current value of the\ntransferred structured settlement payments under federal standards for\nvaluing annuities", and the amount of the applicable federal rat

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§ 5-1703. Required disclosures to payee. Not less than ten days prior\nto the date on which the payee signs a transfer agreement, the\ntransferee shall provide to the payee by first class mail and certified\nmail, return receipt requested or United States postal service priority\nmail, a separate disclosure statement, in bold type no smaller than\nfourteen points, setting forth:\n (a) the amounts and due dates of the structured settlement payments to\nbe transferred;\n (b) the aggregate amount of such payments;\n (c) the discounted present value of the payments to be transferred,\nwhich shall be identified as the "calculation of current value of the\ntransferred structured settlement payments under federal standards for\nvaluing annuities", and the amount of the applicable federal rate used\nin calculating such discounted present value;\n (d) the price quote from the original annuity issuer or, if such price\nquote is not readily available from the original annuity issuer, then a\nprice quote from two other annuity issuers that reflects the current\ncost of purchasing a comparable annuity for the aggregate amount of\npayments to be transferred;\n (e) the gross advance amount and the annual discount rate, compounded\nmonthly, used to determine such figure;\n (f) an itemized listing of all commissions, fees, costs, expenses and\ncharges payable by the payee or deductible from the gross amount\notherwise payable to the payee and the total amount of such fees;\n (g) the net advance amount including the statement: "The net cash\npayment you receive in this transaction from the buyer was determined by\napplying the specified discount rate to the amount of future payments\nreceived by the buyer, less the total amount of commissions, fees,\ncosts, expenses and charges payable by you";\n (h) the amount of any penalties or liquidated damages payable by the\npayee in the event of any breach of the transfer agreement by the payee;\nand\n (i) a statement that the payee has the right to cancel the transfer\nagreement, without penalty or further obligation, not later than the\nthird business day after the date the agreement is signed by the payee.\n