Majority of Ways & Means Signs on to Structured Settlement Protection Bill, Announces Trade Association

Former Senator Dole to Lead Coalition of Industry

And Disability Advocates for Passage



Apr 05, 2001, 01:00 ET from National Structured Settlements Trade Association

    WASHINGTON, April 5 /PRNewswire/ -- Today, U.S. Reps. E. Clay Shaw (R-FL)
 and Pete Stark (D-CA), senior members of the House Ways and Means Committee,
 introduced the Structured Settlement Protection Act of 2001.  The bill, which
 provides important new protections to injury victims receiving structured
 settlement payments, is cosponsored by a broad bipartisan coalition of 21 Ways
 & Means members, which is a majority of the committee.
     The new legislation provides for a stiff federal excise tax on any company
 trying to purchase future payments from an injury victim unless a state court
 approves the transaction as being in the "best interests" of the victim.  The
 court must take into account the welfare of the victim's dependents and find
 that the transaction does not contravene applicable statutes and court orders.
     Also today, Randy Dyer, executive vice president of The National
 Structured Settlements Trade Association (http://www.NSSTA.com ) announced
 that former Senate Majority Leader Robert J. Dole would lead efforts by a
 broad coalition of industry and disability groups to secure passage of this
 bill.
     Senator Dole, a long-time champion of the rights of the disabled,
 emphasized the value of having clear federal consumer protection policies on
 transfers of structured settlement payments.  "The Structured Settlement
 Protection Act will provide valuable consumer protection to injury victims and
 the disabled who are benefiting from the safety that structured settlements
 provide."
     Dole added, "This legislation is a logical outgrowth of the 20-year-old
 policies on structured settlements that Senator Max Baucus and I helped write.
 That's why it enjoys strong support from disability groups, consumer
 advocates, and dozens of the nation's leading defense and plaintiff
 attorneys."
     Recognized by Congress since 1982, structured settlements provide long-
 term financial security to injury victims and their families through a stream
 of payments tailored to their needs.  The Shaw-Stark measure addresses
 concerns that have arisen over the practice known as "factoring," in which
 companies purchase future structured settlement payments in exchange for cash
 sum.
     The legislation is supported by The National Structured Settlements Trade
 Association (http://www.NSSTA.com ) representatives of the settlement purchase
 industry, and advocates for the disabled.
 
     The National Structured Settlements Trade Association is an organization
 of more than 500 members who are involved with structured settlements of
 injury cases.
     For more information, go to the association's website:
 http://www.NSSTA.com or call Peter Arnold at 703-242-2702.
 
 

SOURCE National Structured Settlements Trade Association
    WASHINGTON, April 5 /PRNewswire/ -- Today, U.S. Reps. E. Clay Shaw (R-FL)
 and Pete Stark (D-CA), senior members of the House Ways and Means Committee,
 introduced the Structured Settlement Protection Act of 2001.  The bill, which
 provides important new protections to injury victims receiving structured
 settlement payments, is cosponsored by a broad bipartisan coalition of 21 Ways
 & Means members, which is a majority of the committee.
     The new legislation provides for a stiff federal excise tax on any company
 trying to purchase future payments from an injury victim unless a state court
 approves the transaction as being in the "best interests" of the victim.  The
 court must take into account the welfare of the victim's dependents and find
 that the transaction does not contravene applicable statutes and court orders.
     Also today, Randy Dyer, executive vice president of The National
 Structured Settlements Trade Association (http://www.NSSTA.com ) announced
 that former Senate Majority Leader Robert J. Dole would lead efforts by a
 broad coalition of industry and disability groups to secure passage of this
 bill.
     Senator Dole, a long-time champion of the rights of the disabled,
 emphasized the value of having clear federal consumer protection policies on
 transfers of structured settlement payments.  "The Structured Settlement
 Protection Act will provide valuable consumer protection to injury victims and
 the disabled who are benefiting from the safety that structured settlements
 provide."
     Dole added, "This legislation is a logical outgrowth of the 20-year-old
 policies on structured settlements that Senator Max Baucus and I helped write.
 That's why it enjoys strong support from disability groups, consumer
 advocates, and dozens of the nation's leading defense and plaintiff
 attorneys."
     Recognized by Congress since 1982, structured settlements provide long-
 term financial security to injury victims and their families through a stream
 of payments tailored to their needs.  The Shaw-Stark measure addresses
 concerns that have arisen over the practice known as "factoring," in which
 companies purchase future structured settlement payments in exchange for cash
 sum.
     The legislation is supported by The National Structured Settlements Trade
 Association (http://www.NSSTA.com ) representatives of the settlement purchase
 industry, and advocates for the disabled.
 
     The National Structured Settlements Trade Association is an organization
 of more than 500 members who are involved with structured settlements of
 injury cases.
     For more information, go to the association's website:
 http://www.NSSTA.com or call Peter Arnold at 703-242-2702.
 
 SOURCE  National Structured Settlements Trade Association