Why Does Colorado Have A Structured Settlement Protection Act?
Colorado has joined the majority of U.S. states in enacting a law to protect the rights of people selling structured settlement payments.
But why have they enacted this law? Why not leave structured settlement sellers to their own devices? What does this do for the consumer and recipient of structured settlement payments?
The Purpose Of Enacting The CO Structured Settlement Law
According to the law itself, the Colorado General Assembly felt it necessary to adopt such a law because it feels that "this act is necessary for the immediate preservation of the public peace, health, and safety." In other words, the law was written to protect the rights of private citizens who receive money from structured settlement payments. The state wanted to be sure that recipients retained the right to sale while they retained the tools necessary to maximize the sale of payments.
Does CO Frown On Structured Settlement Sales?
Colorado does not frown upon the sale of structured settlement payments. For many, selling structured settlement payments is the only way to regain financial composure after falling victim to a personal injury, wrongful death, or loss. For others, the ability to sell structured settlement payments gives them the financial means to pay off debt, stay afloat financially during periods where job income is limited or unavailable, and make major purchases like houses, cars, college, and so on.
Colorado is like other states in that it is more neutral than pro or con structured settlement selling. The state recognizes that selling your payments is your right, and is not for them to dictate beyond the point that they need to in order to protect you from predatory buyers.
What Does The Colorado Structured Settlement Protection Law Do?
The primary provision of the Colorado structured settlement law gives the state power of approval over the sale of settlement payments. It requires first and foremost that the sale and transfer of payments is not effective until the purchase has been approved by a court (judge) of the state. This is not an effort to revoke control over a private individuals’ money. It is simply a security measure which allows the court the opportunity to review the sale contract and terms, disclosures of the sale, and confirm that ethical practices have been in place throughout the deal. It is a layer of protection for Colorado residents and nothing more.
The fact that Colorado has adopted a statute of protection for the people holding rights to structured settlement payments in Colorado is not meant to be an infringement on the rights of private citizens, nor is it a vote of no confidence in individual settlement buyers. The act is only to make sure that buyers treat sellers right so that people selling structured settlements in Colorado are set on an even playing field with those interested in partnering with them.
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Jason Rigler and Prosperity Partners provide resources for settlement attorneys and settlement payees regarding the factoring of structured settlements in Colorado and Colorado structured settlement law
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