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PARRIS N. GLENDENING, Governor
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Ch. 366
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on certain findings; providing for the jurisdiction in cases involving transfers of
structured settlement payment rights; requiring a certain transferee to provide
certain information to a court and certain parties file with a court and serve on
certain parties a certain notice and application; providing certain immunity to a
structured settlement obligor or annuity issuer when a payee makes a transfer
of structured settlement payment rights in violation of this subtitle; accordance
with this Act; prohibiting waiver of the provisions of this Act; defining certain
terms; providing for the application and construction of this Act; and generally
relating to the transfer of structured settlement payment rights.
BY adding to
Article - Courts and Judicial Proceedings
Section 5-1101 through 5-1105, inclusive, to be under the new subtitle "Subtitle
11. Structured Settlements"
Annotated Code of Maryland
(1998 Replacement Volume and 1999 Supplement)
SECTION 1. BE IT ENACTED BY THE GENERAL ASSEMBLY OF
MARYLAND, That the Laws of Maryland read as follows:
Article - Courts and Judicial Proceedings
SUBTITLE 11. STRUCTURED SETTLEMENTS.
5-1101.
(A) IN THIS SUBTITLE THE FOLLOWING WORDS HAVE THE MEANINGS
INDICATED.
(B) "DISCOUNTED PRESENT VALUE" MEANS THE FAIR PRESENT VALUE OF
FUTURE PAYMENTS, AS DETERMINED BY DISCOUNTING PAYMENTS TO THE PRESENT
USING THE MOST RECENTLY PUBLISHED APPLICABLE FEDERAL RATE FOR
DETERMINING THE PRESENT VALUE OF AN ANNUITY, AS ISSUED BY THE UNITED
STATES INTERNAL REVENUE SERVICE.
(C) "INDEPENDENT PROFESSIONAL ADVICE" MEANS ADVICE OF AN
ATTORNEY, CERTIFIED PUBLIC ACCOUNTANT, ACTUARY, OR OTHER LICENSED
PROFESSIONAL ADVISER:
(1) WHO IS ENGAGED BY A PAYEE TO RENDER ADVICE CONCERNING
THE LEGAL, TAX, AND FINANCIAL IMPLICATIONS OF A TRANSFER OF STRUCTURED
SETTLEMENT PAYMENT RIGHTS;
(2) WHO IS NOT AFFILIATED WITH OR COMPENSATED BY THE
TRANSFEREE OF THE TRANSFER; AND
(3) WHOSE COMPENSATION IS NOT AFFECTED BY WHETHER A
TRANSFER OCCURS.
(D) "INTERESTED PARTIES" MEANS THE PAYEE, EACH BENEFICIARY
DESIGNATED UNDER THE ANNUITY CONTRACT TO RECEIVE PAYMENTS FOLLOWING
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- 2077 -
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