MADISON, Wis., Nov. 11, 2015 /PRNewswire/ -- The J.G. Wentworth Company® ("J.G. Wentworth" or the "Company") (NYSE: JGW), a diversified consumer financial services company, today applauded the signing into law of A.B. 129 by Wisconsin Governor Scott Walker.
The statute requires mandatory disclosures by structured settlement purchasing entities and sets standards governing judicial review of transfers of structured settlement payments. Denise Rinear, Chief Compliance Officer of J.G. Wentworth, attended the bill signing and released the following statement:
"J.G. Wentworth has spent years advocating for enhanced consumer protections and improved transparency in the structured settlement purchasing sector. We applaud the bi-partisan leadership of the Wisconsin legislature and Governor Walker for enacting legislation that will bring greater oversight and controls to the structured settlement marketplace. By introducing robust, statewide disclosure requirements on structured settlement purchasers, this legislation ensures all Wisconsin consumers who want to sell all or part of their settlement are protected."
About A.B. 129
Signed into law by Governor Scott Walker, A.B. 129 is an important bill that will improve structured settlements purchasing so that consumers are protected. The law requires:
- Definitions of key terms relating to structured settlement transfers be made available to consumers;
- Mandatory disclosures for purchasers of structured settlement payments;
- Standards governing judicial review of transfers of structured settlement payments;
- Procedures, legal effects, and general provisions relating to the approval of structured settlement transfers; and
- The adoption and standardization of the National Conference of Insurance Legislators' Model Transfer Statute at the state level.
Forty-nine states, including Wisconsin, have now signed structured settlement transfer statutes into law.
About The J.G. Wentworth Company® The J.G. Wentworth Company ® is a diversified consumer financial services company. The Company is focused on providing direct-to-consumer access to financing needs through a variety of solutions, including: mortgage lending and refinancing, personal lending, structured settlements payment purchasing, and prepaid cards. Through the J.G. Wentworth, Peachtree Financial Solutions, and Olive Branch Funding brands, the Company is the leading purchaser of structured settlement payments.
Mortgage loans are offered by J.G. Wentworth Home Lending, Inc. NMLS ID # 2925 (www.nmlsconsumeraccess.org), 3350 Commission Court, Woodbridge, VA 22192; 888-349-3773.
For more information about The J.G. Wentworth Company ®, visit www.jgw.com or use the information provided below.
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SOURCE J.G. Wentworth Company