§2713.9. General provisions; construction
A. The provisions of this Act may not be waived by any payee.
B. Any transfer agreement entered into on or after July 1, 2020, by a payee who is
domiciled in this state shall provide that disputes under such transfer agreement, including
any claims that the payee has breached the agreement, shall be determined in and under the
laws of the state of Louisiana. No such transfer agreement shall authorize the transferee or
any other party to confess judgment or consent to entry of judgment against the payee.
C. No transfer of structured settlement payment rights shall extend to any payments
that are life-contingent unless, prior to the date on which the payee signs the transfer
agreement, the transferee has established and has agreed to maintain procedures reasonably
satisfactory to the annuity issuer and the structured settlement obligor for periodically
confirming the payee's survival and giving the annuity issuer and the structured settlement
obligor prompt written notice in the event of the payee's death.
D. If the payee cancels a transfer agreement, or if the transfer agreement otherwise
terminates, after an application for approval of a transfer of structured settlement payment
rights has been filed and before it has been granted or denied, the transferee shall promptly
request dismissal of the application.
E. No payee who proposes to make a transfer of structured settlement payment rights
shall incur any penalty, forfeit any application fee or other payment, or otherwise incur any
liability to the proposed transferee or any assignee based on any failure of such transfer to
satisfy the conditions of this Act.
F. Nothing contained in this Act shall be construed to authorize any transfer of
structured settlement payment rights in contravention of any applicable law or to imply that
any transfer under a transfer agreement entered into prior to July 1, 2020, is valid or invalid.
G. The compliance with the requirements set forth in R.S. 9:2713.5 and fulfillment
of the conditions set forth in R.S. 9:2713.6 shall be solely the responsibility of the transferee
in any transfer of structured settlement payment rights, and neither the structured settlement
obligor nor the annuity issuer shall bear any responsibility for, or any liability arising from,
noncompliance with such requirements or failure to fulfill such conditions.
Acts 2019, No. 260, §1, eff. July 1, 2020.