§ 15-50-60 — Application for approval of transfer; notice of hearing.

South Carolina § 15-50-60

• Jurisdiction: South Carolina
• Title 15: CIVIL REMEDIES AND PROCEDURES
• Ch. 50: STRUCTURED SETTLEMENT PROTECTION ACT

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(A) An application pursuant to this chapter for approval of a transfer of structured settlement payment rights may be made by the transferee and must be brought in the circuit court in the county in which the payee resides. If the payee is not a resident of this State the application must be brought in the circuit court in the county in which the structured settlement agreement was approved. (B) For applications made on or after January 1, 2024, for the approval of a transfer of structured settlement payment rights pursuant to this chapter, the application of the transferee must include evidence that the transferee is registered to do business in this State as a structured settlement purchase company. (C) A timely hearing must be held on an application for approval of a transfer of structured settlement payment rights. The payee must 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 twenty days before the scheduled hearing on an application for approval of a transfer of structured settlement payment rights pursuant to Section 15-50-40, the transferee must file with the court and serve on all interested parties a notice of the proposed transfer and the application for its authorization. The notice must include: (1) a copy of the transferee's application; (2) a copy of the transfer agreement; (3) a copy of the disclosure statement required pursuant to Section 15-50-30; (4) the payee's name, age, and county of domicile; (5) a listing of each of the payee's dependents, and each dependent's age; (6)(a) any prior transfers by the payee to the transferee or an affiliate, or through the transferee or an affiliate to an assignee which were approved; (b) any proposed transfers by the payee to the transferee or an affiliate, or through the transferee or an affiliate; (c) and any applications for approval made by the transferee or an affiliate, or through the transferee or an affiliate to an assignee, which were denied; (7) a sworn affidavit from the transferee listing any prior transfers by the payee that includes the details of the reasonable measures taken to search for and identify prior transfers to any person or entity other than the transferee or an affiliate or an assignee of the transferee and any prior proposed transfer applications by the payee to any person or entity other than the transferee or an affiliate or an assignee of a transferee or affiliate which were denied; (8) an affidavit from the payee disclosing all prior transfers by the payee to any person or entity; (9) notification that an interested party may support, oppose, or otherwise respond to the transferee's application, in person or by counsel, by submitting written comments to the court, or by participating in the hearing; and (10) notification of the time and place of the hearing and notification of the manner and the time for filing written responses to the application, which must be not less than fifteen days after service of the transferee's notice, for consideration by the court. (E) If the payee cancels a transfer agreement or if the transfer agreement otherwise terminates, after an application for approval of a transfer of structured settlement payment rights has been filed and before it has been granted or denied, the transferee must promptly request the dismissal of the application.

Legislative History

HISTORY: 2002 Act No. 252, SECTION 1; 2023 Act No. 22 (S.259), SECTION 6, eff July 1, 2023. Editor's Note 2023 Act No. 22, SECTION 20, provides as follows: "SECTION 20. SECTION 9 through SECTION 16 take effect on January 1, 2024. All other SECTIONS take effect on July 1, 2023, and apply to applications filed on or after the effective date." Effect of Amendment 2023 Act No. 22, SECTION 6, rewrote the section.