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H.B. 158 VETOES
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THE COURT SHALL ISSUE AN ORDER APPROVING A VOLUNTARY ASSIGNMENT AND
DIRECTING THE AGENCY TO MAKE PRIZE PAYMENTS AS A WHOLE OR IN PART TO THE
ASSIGNEE IF THE COURT FINDS THAT:
1. THE ASSIGNMENT IS IN WRITING, IS EXECUTED BY THE
ASSIGNOR, AND IS BY ITS TERMS SUBJECT TO THE LAWS OF THIS STATE;
2. THE ASSIGNOR PROVIDES A SWORN AFFIDAVIT
ATTESTING THAT THE ASSIGNOR IS OF SOUND MIND, IS IN FULL COMMAND OF THE
ASSIGNOR'S FACULTIES, AND IS NOT ACTING UNDER DURESS;
3. THE ASSIGNOR HAS BEEN ADVISED ABOUT THE
ASSIGNMENT BY AN INDEPENDENT ATTORNEY WHO IS NOT RELATED TO AND NOT
COMPENSATED BY THE ASSIGNEE OR AN AFFILIATE OF THE ASSIGNEE;
4. THE ASSIGNOR HAS RECEIVED INDEPENDENT FINANCIAL
OR TAX ADVICE CONCERNING THE EFFECTS OF THE ASSIGNMENT FROM AN
ATTORNEY OR OTHER PROFESSIONAL WHO IS UNRELATED TO AND IS NOT
COMPENSATED BY THE ASSIGNEE OR AN AFFILIATE OF THE ASSIGNEE;
5. THE ASSIGNOR UNDERSTANDS THAT THE ASSIGNOR WILL
NOT RECEIVE THE PRIZE PAYMENTS OR PARTS OF PAYMENTS DURING THE YEARS
ASSIGNED;
6. THE ASSIGNOR UNDERSTANDS AND AGREES THE AGENCY,
COMMISSION, AND OFFICIALS AND EMPLOYEES OF THE AGENCY ARE NOT LIABLE OR
RESPONSIBLE FOR MAKING ANY OF THE ASSIGNED PAYMENTS;
7. THE ASSIGNEE PROVIDES THE ASSIGNOR WITH A
ONE-PAGE DISCLOSURE STATEMENT THAT SETS FORTH EST BOLD TYPE NOT LESS
THAN 14 POINTS IN SIZE THE PAYMENTS BEING ASSIGNED BY AMOUNT AND
PAYMENT DATE, THE PURCHASE PRICE, THE RATE OF DISCOUNT TO PRESENT VALUE
ASSUMING DAILY COMPOUNDING AND FUNDING ON THE CONTRACT DATE, AND ANY
ORIGINATION OR CLOSING FEE THAT WILL BE CHARGED TO THE ASSIGNOR; AND
8. THE CONTRACT OF ASSIGNMENT EXPRESSLY STATES
THAT THE ASSIGNOR HAS 5 BUSINESS DAYS AFTER SIGNING THE CONTRACT TO
CANCEL THE ASSIGNMENT.
(IV) 1. WRITTEN NOTICE OF THE PETITION AND PROPOSED
ASSIGNMENT AND ANY COURT HEARING CONCERNING THE PETITION AND
PROPOSED ASSIGNMENT SHALL BE GIVEN TO THE AGENCY'S COUNSEL AT LEAST 30
DAYS BEFORE A COURT HEARING.
2. THE AGENCY NEED NOT APPEAR IN OR BE NAMED AS
PARTY TO AN ACTION THAT SEEKS JUDICIAL APPROVAL OF AN ASSIGNMENT BUT
MAY INTERVENE AS OF RIGHT IN THE ACTION.
3. A CERTIFIED COPY OF A COURT ORDER APPROVING A
VOLUNTARY ASSIGNMENT SHALL BE GIVEN TO THE AGENCY NOT LATER THAN 60
DAYS BEFORE THE DATE ON WHICH THE PAYMENT IS TO BE MADE.
- 3520 -
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