LEGISLATIVE COUNSEL'S DIGEST


AB 982, as amended, Tran. Structured settlements: transfers.
Existing law provides definitions, including for "interested
parties," for purposes of the provisions regulating the transfer of
structured settlement payment rights.
This bill would revise the definition of "interested parties" for
purposes of those provisions.
Existing law prohibits the inclusion of various provisions in an
agreement for the transfer of structured settlement payment rights
and would make an agreement void and unenforceable if a prohibited
provision is included. Among the provisions prohibited from being
included in those agreements are any forum selection provision
providing for jurisdiction to be in a court outside of California for
any action arising under the contract and any choice-of-law
provision that provides for controlling law to be other than
California law in any action arising under the contract.
This bill would prohibit those 2 provisions if the payee is
domiciled in California at the time that the transfer agreement is
signed by the payee.
Existing law provides that a transfer of structured settlement
payment rights is not effective unless the transfer has been approved
in advance in a final court order based on certain findings.
Existing law provides where such an application for approval shall be
filed and provides for a certain notice, which is to include
specified documents, to be filed with the court and served on
interested parties not less than 20 days prior to the scheduled
hearing on the application for approval of a transfer of structured
settlement payment rights.
This bill would make specified changes to the requirements
regarding the court's written findings, the county where a transfer
approval application is required to be filed, and the documents to be
included with the notice.