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92 chapters · 242 sections in this title.
Mich. Comp. Laws § 691.1301 Short title.
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Sec. 1. This act shall be known and may be cited as the "revised structured settlement protection act".
Mich. Comp. Laws § 691.1302 Definitions.
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Sec. 2. As used in this act: (a) "Annuity issuer" means an insurer that has issued a contract to fund periodic payments under a structured settlement. (b) "Dependent" means a payee's spouse, minor child, or any other person for whom the payee is legally obligated to provide suppo…
Mich. Comp. Laws § 691.1303 Separate disclosure statement to be provided by transferee; type; contents.
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Sec. 3. Not less than 3 days before the date on which a payee signs a transfer agreement, the transferee shall provide to the payee a separate disclosure statement in bold type no smaller than 14 points setting forth all of the following: (a) The amounts and due dates of the stru…
Mich. Comp. Laws § 691.1304 Transfer of structured settlement payment rights; final court order; approval; basis; findings.
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Sec. 4. A direct or indirect transfer of structured settlement payment rights is not effective and a structured settlement obligor or annuity issuer is not required to make a payment directly or indirectly to a transferee of structured settlement payment rights unless the transfe…