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VETOES
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S.B. 225
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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 THE ASSIGNED PAYMENTS;
7. THE ASSIGNEE PROVIDES THE ASSIGNOR WITH A
ONE-PAGE DISCLOSURE STATEMENT THAT SETS FORTH IN 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.
(III) 1. WRITTEN NOTICE OF THE PROPOSED ASSIGNMENT AND
ANY COURT HEARING CONCERNING THE 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.
(IV) A VOLUNTARY ASSIGNMENT MAY NOT INCLUDE OR COVER
PAYMENTS OR PARTS OF PAYMENTS TO THE EXTENT THAT THE PAYMENTS ARE
SUBJECT TO CHILD SUPPORT PAYMENTS, CRIMINAL RESTITUTION, OR BANKRUPTCY
PROCEEDINGS.
(V) 1. THE AGENCY, THE COMMISSION, AND OFFICIALS AND
EMPLOYEES OF THE AGENCY ARE NOT LIABLE UNDER THIS PARAGRAPH AFTER
PAYMENT OF AN ASSIGNED PRIZE IS MADE.
2. THE ASSIGNOR AND ASSIGNEE SHALL HOLD HARMLESS
AND INDEMNIFY THE AGENCY, THE COMMISSION, AND THE STATE AND ITS
EMPLOYEES AND AGENTS FROM ALL CLAIMS, SUITS, ACTIONS, COMPLAINTS, OR
LIABILITIES RELATED TO THE ASSIGNMENT.
(VI) 1. THE AGENCY MAY ESTABLISH A REASONABLE FEE TO
DEFRAY ADMINISTRATIVE EXPENSES ASSOCIATED WITH ASSIGNMENTS MADE
UNDER THIS SECTION, INCLUDING A PROCESSING FEE IMPOSED BY A PRIVATE
ANNUITY PROVIDER
2. THE AMOUNT OF THE FEE SHALL REFLECT THE DIRECT
AND INDIRECT COSTS OF PROCESSING ASSIGNMENTS.
- 3524 -
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