An Act relative to structured settlement payment protections
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Progress
Where this bill stands in the legislative process.
- Introduced
- Passed House
- Passed Senate
- To Governor
- Became Law
Overview
This bill, An Act relative to structured settlement payment protections, aims to safeguard the consistent and reliable payment of structured settlement agreements in Massachusetts. It seeks to establish clear guidelines and protections to ensure that individuals receiving structured settlements receive their payments as originally agreed upon, preventing disruptions or modifications to these long-term financial arrangements. The bill’s purpose is to provide stability and predictability for recipients of structured settlements.
Key provisions
- Establishes standards for structured settlement agreements.
- Protects against unauthorized modifications to payment schedules.
- Requires financial institutions to ensure consistent payment terms.
- Addresses potential disputes related to structured settlement payments.
- Creates a framework for resolving issues concerning structured settlement agreements.
Who is affected
- Individuals receiving structured settlements.
- Financial institutions managing structured settlements.
- Insurance companies offering structured settlements.
- Legal professionals involved in structured settlement agreements.
Notable changes
- Likely clarifies existing regulations regarding structured settlements.
- May establish a process for dispute resolution.
Bill text
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Sponsors
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2 on record
Primary sponsor
Cosponsor
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