2023 Vermont Statutes › Title 9 - Commerce and Trade › Chapter 63 - Consumer Protection › § 2480ff. Procedure for approval of transfers

§ 2480ff. Procedure for approval of transfers
(a) An application under this subchapter for approval of a transfer of structured settlement payment rights shall be made by the transferee and may be brought in the Civil Division of the Superior Court of the county in which the payee resides or in which the structured settlement obligor or the annuity issuer maintains its principal place of business or in any court that approved the structured settlement agreement.
(b) Not less than 20 days prior to the scheduled hearing on any application for approval of a transfer of structured settlement payment rights under section 2480dd of this title, the transferee shall file with the court and serve on all interested parties a notice of the proposed transfer and the application for its authorization, including with such notice:
(1) a copy of any court order approving the settlement;
(2) a written description of the underlying basis for the settlement;
(3) a copy of the transferee’s application;
(4) a copy of the transfer agreement;
(5) a copy of the disclosure statement required under section 2480cc of this title;
(6) a listing of each of the payee’s dependents, together with each dependent’s age;
(7) a statement setting forth whether, to the best of the transferee’s knowledge after making a reasonable inquiry to the payee, the structured settlement obligor, and the annuity issuer, there have been any previous transfers or applications for transfer of any structured settlement payment rights of the payee and giving details of all such transfers or applications for transfer;
(8) to the best of the transferee’s knowledge after making reasonable inquiry to the payee, the structured settlement obligor, and the annuity issuer, a description of the remaining payments owed to the payee under the structured settlement if the court approves the proposed transfer, including the amount and dates or date ranges of the payments owed, provided that:
(A) the description may be filed under seal; and
(B) if the transferee’s knowledge concerning the remaining payments changes after the transferee submits a notice of the proposed transfer, the transferee may provide updated information to the court at the hearing;
(9) if available to the transferee after making a good faith request of the payee, the structured settlement obligor and the annuity issuer, the following documents, which shall be filed under seal:
(A) a copy of the annuity contract;
(B) a copy of any qualified assignment agreement; and
(C) a copy of the underlying structured settlement agreement;
(10) either a certification from an independent professional advisor establishing that the advisor has given advice to the payee on the financial advisability of the transfer and the other financial options available to the payee or a written request that the court determine that such advice is unnecessary pursuant to subdivision 2480dd(a)(2) of this title; and
(11) notification of the time and place of the hearing and notification of the manner in which and the time by which written responses to the application must be filed, which shall be not less than 15 days after service of the transferee’s notice, in order to be considered by the court.
(c) The transferee shall file a copy of the application with the Attorney General’s Office and a copy of the application and the payee’s Social Security number with the Office of Child Support and the Department of Taxes. The Offices and Department receiving copies pursuant to this section shall permit the copies to be filed electronically.
(d) The payee shall attend the hearing unless attendance is excused for good cause. (Added 2011, No. 168 (Adj. Sess.), § 1; amended 2013, No. 29, § 67, eff. May 13, 2013; 2015, No. 23, § 143; 2015, No. 128 (Adj. Sess.), § B.1.)