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Arkansas Code Title 23. Public Utilities and Regulated Industries § 23-81-706. Procedure for approval of transfers

Current as of March 28, 2024 | Updated by Findlaw Staff

(a) An application under this subchapter for approval of a transfer of structured settlement payment rights shall be made by the transferee and may be brought:

(1) In the county in which:

(A) The payee resides; or

(B) The structured settlement obligor or the annuity issuer maintains its principal place of business; or

(2) In any court or before any responsible administrative authority which approved the structured settlement agreement.

(b) Not less than twenty (20) days prior to the scheduled hearing on any application for approval of a transfer of structured settlement payment rights under § 23-81-704, the transferee shall file with the court or responsible administrative authority and serve on all interested parties a notice of the proposed transfer and the application for its authorization, including with the notice:

(1) A copy of the transferee's application;

(2) A copy of the transfer agreement;

(3) A copy of the disclosure statement required under § 23-81-703;

(4) A listing of each of the payee's dependents and each dependent's age;

(5) Notification that any interested party is entitled to support, oppose, or otherwise respond to the transferee's application, either in person or by counsel, by submitting written comments to the court or responsible administrative authority or by participating in the hearing; and

(6)(A) Notification of:

(i) The time and place of the hearing; and

(ii) The manner in which and the time by which written responses to the application must be filed in order to be considered by the court or responsible administrative authority.

(B) The time by which written responses to the application must be filed shall be not less than twenty (20) days after service of the transferee's notice.

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Cite this article: FindLaw.com - Arkansas Code Title 23. Public Utilities and Regulated Industries § 23-81-706. Procedure for approval of transfers - last updated March 28, 2024 | https://codes.findlaw.com/ar/title-23-public-utilities-and-regulated-industries/ar-code-sect-23-81-706/

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