Act No. 168 (H.778). Consumer protection; structured settlements; collusion
An act relating to structured settlements and to prohibiting collusion as an antitrust violation
This act establishes standards for and requires court approval of structured settlements, which are arrangements for periodic payments that a person agrees to accept in order to resolve a legal claim the person has. Before the person can sell the right to receive the payments to a third party (a sale which is typically made at a discount in order to receive a lump sum payment), the proposed purchaser must disclose information about the transaction to the seller, and the seller must be offered the opportunity for independent financial advice. The transfer may not be approved unless the court finds that it is in the best interests of the seller. The act also establishes collusion as a criminal antitrust violation, and defines collusion to mean an agreement, contract, combination in the form of trusts or otherwise, or conspiracy to engage in price fixing, bid rigging, or market division or allocation of goods or services between or among persons.
Multiple effective dates, beginning May 18, 2012
Also see: Commerce and Trade; Act No. 78 (H.512); An act relating to banking, insurance, securities, and health care administration
Also see: Health; Act No. 171 (H.559); An act relating to health care reform implementation
Also see: Housing; Act No. 137 (S.99); An act relating to supporting mobile home ownership, strengthening mobile home parks, and preserving affordable housing