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Article: Bill would restrict settlement cash-out business
- Article from:
- Charleston Daily Mail
- Article date:
- February 25, 2008
- Author:
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Copyright informationCopyright 2008 Charleston Daily Mail. Provided by ProQuest LLC. (Hide copyright information)
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You might have seen those late night TV ads or direct mailings
from companies asking if you'd like to trade in a structured
settlement for quick cash.
While these businesses provide a rapid fix for claimants strapped
for money, the consumer usually ends up with a raw deal, several
state lawmakers agree.
A bipartisan group of delegates is pushing a bill that adds
restrictions for structured settlement transfers.
A structured settlement typically results from a wrongful death
or personal injury tort claim, in which the plaintiff receives
periodic payments as an alternative to a lump sum.
However, claimants have the option of selling future structured
settlement payments if they desire more ...