Enrolled Bill Summary

            Senate Bill 277 amends the Civil Practice and Remedies Code to enact the Structured Settlement Protection Act. The bill establishes procedures and conditions for the transfer of structured settlement payment rights and provides that certain provisions may not be waived by the individual (payee) who is receiving the payments under a structured settlement and proposing to transfer the rights to another. It requires the party (transferee) who is acquiring the structured settlement payment rights through a transfer to provide a disclosure statement containing certain information to the payee at least three days before the payee signs the transfer agreement. The bill provides that no direct or indirect transfer of structured settlement payment rights is effective unless the transfer has been approved in advance in a final court order. After the transfer of structured settlement payment rights, the structured settlement obligor and the annuity issuer are discharged and released from all liability for the transferred payments and certain liabilities are established for the transferee.