ANNAPOLIS, Md., May 31, 2016 /PRNewswire/ -- On Saturday, May 28, 2016, Maryland House Bill 535 became law. This bipartisan legislation will bolster consumer protections in, and increase general oversight of, the state's structured settlement purchasing industry. The legislation comes from the initial efforts of the National Association of Settlement Purchasers (NASP), which commenced over 12 months ago, and from the focus and work of the Maryland Office of the Attorney General, Maryland state legislators, and industry advocates and participants.
"NASP applauds the passage of this legislation that will improve consumer protections in Maryland's structured settlement industry and commends both the Maryland legislature's openness to deliberation and the Office of the Attorney General's willingness to work with industry representatives," said NASP President Patricia LaBorde in a statement. "NASP would like to thank Senate President Mike Miller, Speaker Mike Busch, and Del. Sandy Rosenberg in particular for their leadership in this legislative effort. We look forward to continued collaboration with state and industry representatives in Maryland, as well as in other states across the country in our ongoing effort to improve standards in the secondary market for structured settlements."
The National Association of Settlement Purchasers is the sole trade association representing structured settlement purchasers. The Association advocates for state-level legislative developments that improve transparency and disclosure requirements in the structured settlement purchasing industry.
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SOURCE National Association of Settlement Purchasers